K-Twin Towers in Seoul’s CBD Acquired by New Joint Venture
- Jun 05, 2014
Seoul–Global investment firm KKR and LIM Advisors have recently announced the joint acquisition of K Twin Towers, a highly rated commercial asset located in the core of Seoul, the capital of South Korea. The financial terms of the acquisition were not disclosed, apart from the fact that the joint venture now owns 100 percent of the common equity in a Vestas Investment Management-handled fund. According to the press statement announcing the purchase, Deutsche Asset & Wealth Management, Shin & Kim, and Deloitte advised both parties during the transaction.
Located in Seoul’s central business district, K Twin Towers offers 22 floors of high-end office space totaling around 900,000 square feet. The property also offers a retail space component, in a great location, part of the city’s Gwanghwamun precinct. K Twin’s two office towers offer their tenants views of the nearby Presidential Blue House and the Gyeongbokgung Palace. The property’s tenant roster features a number of international companies as well as local entities, financial institutions and law firms.
Seeing as green building is a major factor in the international office market, the 2012-built K Twin Towers pursued and was awarded with a Green 2nd Rating from G-SEED. The system is the South Korean Government-backed environmental certification system, known in its full name as Green Standard for Energy and Environmental Design. The Green 2nd level is only under the Excellent level in the country.
The companies that form the new owning JV have expressed their excitement regarding the new acquisition with the Chairman and Chief Investment Officer of LIM George W. Long saying that the company is “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.”
“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,” Bryan Southergill, director, Real Estate with KKR Asia says.