PGIM Real Estate has sold an office building in South Korea to an undisclosed buyer.
The Jung-An building is a 10-story complex in Seoul. Renovation work was completed in late 2020.
PGIM Real Estate purchased the property in December 2019 as part of a consortium including Samsung SRA Asset Management and Samsung Life Insurance.
“Notwithstanding the impact of the ongoing Covid-19 pandemic on the office sector in general, we believe that high-quality, well located and well managed offices will continue to appeal to occupiers and investors alike,” said Benett Theseira, head of Asia Pacific at PGIM Real Estate.
Commenting on the transaction, David Fassbender, managing director and senior portfolio manager at PGIM Real Estate said: “The refurbishment of Jung-An Building was completed successfully within our stipulated timeframe and budget, and the asset has since undergone a major transformation into a modern, attractive office building within a central district in Seoul.”
PGIM Real Estate has been involved in US$2.8 billion worth of transactions in the Korean real estate market to date.
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