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Report: M&G Real Estate pays 1.1 trillion won for Seoul office tower

M&G Real Estate agreed to buy the 26-story twin-tower Centropolis office complex in Seoul for more than 1.1 trillion South Korean won, IPE Real Assets reported June 12, citing unnamed sources.

The London investment manager is said to be buying the property from CTCore for co-investors and its Singapore-based M&G Asia Core Fund. If the sale pushes through it could set a record for core-office transactions in the South Korean capital, IPE Real Assets said.

News of M&G Real Estate being the preferred buyer for the tower came to light earlier, with The Korea Economic Daily reporting in May that talks between the seller and a KKR & Co. LP joint venture fell through. The report added that the acquisition is expected to close in June.

Centropolis was placed on the market in March and caught the attention of at least nine parties including Blackstone Group LP, Pacific Investment Management Co. Ltd. and a partnership between Korea Post and Millinium Inmark Asset Management Co. Ltd.

Centropolis, in Seoul's downtown business district, will be 113.80 meters tall and offer a gross floor area of 141,474.78 square meters when completed in July.

As of June 12, US$1 was equivalent to 1,077.58 South Korean won.