RREEF Alternative Investments, the global alternative investment management arm of Deutsche Bank, has sold the Daewoo Securities office building in Seoul for Korean Won 181 billion (€117 million, $167 million) to the property’s primary tenant, Daewoo Securities.
The property, located in the Yoido Business District of Seoul, was acquired by RREEF for Korean Won 112 billion (€89 million) in March 2007. The building was constructed in 1984 and provides around 38,600 square meters of floor space over 16 levels.
“There was very strong interest in acquiring this building, supporting our view that office demand in Seoul continues to outstrip supply with limited new space coming onto the market for the rest of the year,” said Tae Kim, Head of RREEF Korea, in a statement. “Office rentals also continue to trend upwards due to low vacancy.”
Recently, RREEF announced details of its first office development project in Korea, a 16-story office development which currently houses the Irae Building, a 20-story office tower located in Youngdungpo District, Seoul. RREEF acquired the fully leased Irae Building in November 2007. The combined end value of this project, when the second tower is completed in mid 2010, is expected to be in excess of Korean Won 200 billion Korean Won (€136 million).
In Korea, RREEF Alternative Investments is part of Deutsche Investment Trust Management Company, the Asset Management business of Deutsche Bank. RREEF has been operating in Korea for over a decade.
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