Singapore sovereign wealth fund GIC is seeking to sell an office building in Seoul, Reuters reported citing South Korea’s Maeil Business Newspaper. The property has an estimated value of up to 1.1 trillion won ($977.2 million), the newspaper said. Government of Singapore Investment Corp., purchased the 30-story building, which is known as Seoul Finance Center, for 355 billion won in 2000.
(Reuters) – Singapore sovereign wealth fund GIC [GIC.UL] is seeking to sell an office building in Seoul, with an estimated value of up to 1.1 trillion won ($977.2 million), South Korea’s Maeil Business Newspaper reported in its Wednesday edition.
It bought the Seoul Finance Center for 355 billion won in 2000, breaking ground for Korea property investment as an institutional investor.
The 30-story building, located in the capital’s financial hub, houses a number of global banks and brokerages in Seoul, including Merrill Lynch and asset manager Fidelity.
The Government of Singapore Investment Corp (GIC) snapped up Korean properties in early 2000s, including Star Tower building from U.S. private equity house Lone Star [LS.UL] for a reported 900 billion won in 2004.
GIC was not available immediately for comment. ($1=1125.6 Won) (Reporting by Ju-min Park; Additional reporting by Kevin Lim in SINGAPORE; Editing by Jacqueline Wong)