Real estate manager PGIM Real Estate has sold Jung-An Building, a 10-storey office building in Seoul, South Korea. The development was acquired by the investment manager in December 2019, in partnership with Samsung SRA Asset Management and Samsung Life Insurance.
PGIM Real Estate is the real estate investment and financing business of PGIM, a US$1.5 trillion global investment management business of Prudential Financial.
“This transaction marks yet another successful investment in PGIM Real Estate’s 20-year track record of investing in the Seoul office market,” says Benett Theseira, PGIM Real Estate’s head of Asia-Pacific.
Jung-An Building underwent renovations and asset enhancements after the it was acquired by PGIM Real Estate, Samsung SRA Asset Management and Samsung Life Insurance in 2019. A&E works were completed last year. (Picture: PGIM Real Estate)
After acquiring Jung-An Building, PGIM Real Estate implemented a full asset enhancement strategy to modernise the 25 year old development and improve its attractiveness in its submarket. Enhancement works included a full replacement of the façade, elevators, restrooms, M&E equipment, and renovations to the entrance lobby, office, and most retail spaces. The A&E was completed in 2020.
“This very successful disposition validates our strategy to enhance the property’s value and increase its competitiveness through a proactive asset enhancement strategy,” says David Fassbender, managing director and senior portfolio manager at PGIM Real Estate.
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