KKR to acquire Seoul office building

• Completed in 1994, Namsan Green Building operates as the headquarters of SK Broadband, a subsidiary of SK Telecom
• KKR is making its investment primarily from Asia Real Estate Partners
• KKR is approximately $65 billion in assets as of December 31, 2022

KKR has agreed to acquire Namsan Green Building, an office building in Seoul’s Central Business District. No financial terms were disclosed.

The deal is expected to close in May 2023.

Completed in 1994, Namsan Green Building operates as the headquarters of SK Broadband, a subsidiary of SK Telecom.

On the deal, David Cheong, managing director of real estate at KKR, said in a statement, “Our investment in Namsan Green Building provides us with a unique opportunity to acquire a high-quality asset in a strategic location and add value by leveraging our real estate expertise to enhance its offerings for today’s modern office demands. We remain confident in the long-term prospects of Korea’s office real estate market, where future supply is extremely limited and demand for office space continues to be resilient, and look forward to helping the country meet its office space needs.”

KKR is making its investment primarily from Asia Real Estate Partners. KKR is approximately $65 billion in assets as of December 31, 2022.