Real estate private equity firm Gaw Capital Partners has invested in the office, officetel and retail portions of a twin tower building in Seoul.
Located within Seoul’s Yongsan District and CBD, Dongja 8 is Gaw Capital Partners’ second non-Greater China transaction for Gateway Fund IV, the first being Hyatt Regency Osaka.
Previously, Gaw Capital Partners acquired five core assets in the US and UK on behalf of Korean institutional investors through its separate account services. This is the first acquisition Gateway Funds have made in Korea.
Goodwin Gaw, managing principal and co-founder of Gaw Capital Partners, says: “We are excited about our first acquisition in Korea, which is a market we have been eyeing for years. This is a unique opportunity to acquire a property in such a bustling and convenient area of Seoul and one with such high growth potential.”
The property is the office, officetel and retail portions of a twin tower building (Dongja 8) located in the Yongsan district, south end of the CBD area of Seoul.
Total gross floor area of the twin towers is 91,461 sq m (27,667 py) with seven underground floors designated for retail and car park, and the Gateway Fund would be acquiring more than 75 per cent of the floor area.
The property is in close proximity to Seoul Station in a neighbourhood designated for and undergoing significant city redevelopment plans. Seoul Station is the busiest train station in South Korea and services an average of 100,000 passengers per day.