The Government of Singapore Investment Corp (GIC) is seeking to sell an office building in Seoul with an estimated value of up to 1.1 trillion won ($1.3 billion), South Korea’s Maeil Business Newspaper reported in its Wednesday edition.
The GIC bought the Seoul Finance Center for 355 billion won in 2000, breaking ground for Korea property investment as an institutional investor.
The 30-storey building in the capital’s financial hub houses a number of global banks and brokerages in Seoul, including Merrill Lynch and asset manager Fidelity.
The Singapore sovereign wealth fund snapped up Korean properties in early 2000s, including Star Tower building from US private equity house Lone Star for a reported 900 billion won in 2004.
The GIC was not available immediately for comment.
Source : Today – 12 Jan 2011