KKR and LIM Advisors have completed the joint acquisition of K Twin Towers, a prime commercial property in Seoul’s central business district.
KKR and LIM Advisors made the purchase through the acquisition of 100 per cent of the common equity in a trust managed by Vestas Investment Management.
Additional terms of the transaction were not disclosed.
Completed in 2012, K Twin Towers is a premium-grade commercial property located in the Gwanghwamun precinct within the Seoul central business district. It occupies more than 900,000 square feet across 22 floors of premium office and retail space and has views of the Gyeongbokgung Palace and the Presidential Blue House. K Twin Towers spans two office towers occupied by tenants that include major multinational and South Korean corporations, financial institutions and law firms.
K Twin Towers received a Green 2nd Rating from the government-backed environmental building certification system Green Standard for Energy and Environmental Design (G-SEED). This is the second-highest rating equating to ‘Excellent’ status in South Korea.
Bryan Southergill, director, real estate at KKR Asia, says: “We are very pleased to expand our real estate business to the South Korean market and to collaborate with LIM Advisors to acquire one of Seoul’s top commercial buildings.”
George W Long, chairman and chief investment officer of LIM Advisors, says: “We are delighted to have been able to source and negotiate this investment and to work with our partner KKR to complete this major real estate transaction in the heart of downtown Seoul.”
Deutsche Asset & Wealth Management, Shin & Kim, and Deloitte advised both parties on the transaction.