Global investment firm KKR (NYSE: KKR), Korea real estate fund manager IGIS Asset Management, and Korean real estate developer SK D&D have purchased Namsan Square.

The property is an office tower located in the central business district of Seoul. They acquired the property from a real estate investment trust operated by KOREIT, a domestic asset manager in Korea.

More on the Namsan Square Deal

Namsan Square is located at the gateway to Seoul’s central business district and occupies more than 75,000 square meters across 23 floors of premium office and retail space.

“South Korea holds the terrific potential for real estate investment, and the market is a core part of KKR’s regional real estate strategy,” said David Cheong, a Director on KKR’s Asia Real Estate team. “Namsan Square is particularly compelling as one of Seoul’s preeminent commercial buildings, and we are extremely pleased to have the opportunity to collaborate with IGIS and SK D&D to significantly improve existing tenants’ overall experience and work-life balance by executing various refurbishment and value-add works.”

Namsan Square is KKR’s fourth real estate investment in South Korea.

“We are excited to extend our relationship with a world-class investor like KKR to invest in this high-quality property at the gateway of Seoul’s business district,” said Junho Pok, Head of Real Estate Development at IGIS. “The IGIS team looks forward to bringing our extensive experience renovating real estate projects to Namsan Square and enhancing this property for tenants in the years to come.”

Finally Sun-Pyo Hwang, Head of Real Estate Development Division at SK D&D, said: “This is a compelling investment made alongside strong local and global partners. Through proactive management and our ability to enact key improvements, we look forward to adding value to Namsan Square and enhance the working experience for tenants.”