Keppel Land’s Alpha Investment Partners invests $275m in Seoul Square

Alpha Investment Partners (AIP), the wholly-owned real-estate fund management arm of Keppel Land, has made a structured investment of US$210 million ($274.9 million) in Seoul Square, Korea, under its US$1.2 billion Macro Trends Fund (AAMTF).

Located in the heart of the City Hall area, the 23-storey Seoul Square has a total rentable area of 1,429,509 sf of prime Grade A office space. The building has been substantially rebuilt. It features column-free spaces with luxury finishings and offers one of the largest office floor plates in Seoul.

Linked to the subway station via underground passageways, Seoul Square is home to tenants including LG Electronics and Mercedes Benz. It is directly opposite the Seoul Railway Station which will feature the city terminus for the new express train line from Incheon Airport when completed.

Incepted in 2007, the AAMTF is a real-estate fund focused on prominent trends across Asia in markets including Singapore, Japan, Taiwan, South Korea and Hong Kong, as well as the fast emerging markets of China, India and Vietnam.

The fund, which is managed by AIP, has achieved a return of 18% p.a. and is at the upper end of its targeted returns.

The AAMTF’s portfolio of properties includes the redevelopment of Katong Mall and private residential developments in Singapore’s prime residential districts; a serviced apartment portfolio and hotel in Hong Kong; an airport hotel at South Korea’s Incheon Airport; an office building in Seoul’s Gangnam Business District (GBD); commercial buildings in Tokyo’s Shibuya District; and a serviced apartment cum retail development in Manesar, South of New Delhi.

Source : The Edge – 8 Oct 2010

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