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KKR, IGIS And NPS To Buy Real Estate Asset In Seoul's Gangnam Business District

KKR, global investment firm, together with IGIS Asset Management, the largest real estate fund manager in Korea, announced that they have made an investment along with the National Pension Service of Korea or "NPS" to acquire a mixed-use real estate project under development in the Gangnam Business District or "GBD" in Seoul, South Korea.

The project, to be purchased from a consortium led by local engineering firm Daor E&C, is expected to cost approximately KRW 2.1 trillion or US$1.9 billion in total, inclusive of purchase price and further costs to complete. Additional terms of the transaction were not disclosed.

The Asset is located in the heart of the GBD at the intersection of Teheran-ro and Eonju-ro on the former Renaissance Hotel site. Currently under construction, the property will primarily consist of prime grade office space, amenity retail space and a five-star hotel, with a gross floor area of 239,188 square meters and net leasable area of 121,707 square meters. A 20-year master lease agreement for the 263-room hotel has been signed with Shinsegae Chosun, an experienced and best-in-class hotel operator.

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