KEPPEL Capital's Alpha Asia Macro Trends Fund III fund is buying three Grade A commercial buildings in Seoul's business districts for 430 billion won from a Korean asset management company.
Yeouido Finance Tower is a 21-storey mixed-use development located in Korea's"Wall Street" equivalent Yeouido business district, with 39,100 sq m of office space and approximately 3,200 sq m of retail space. Tenants mainly comprise the insurance, financial and information technology sectors and include Samsung Life Insurance and Tong Yang Asset Management.
Alvin Mah, chief executive of Alpha Investment Partners which manages AAMTF III, said:"The acquisition of the portfolio is in line with AAMTF III's strategy of creating value and driving returns for our investors. These prime commercial properties are well-located in major business districts of Seoul and have good connectivity and high accessibility to public transportation. Their addition to AAMTF III also aids in the diversification of the fund's portfolio.