KB Asset Management Co. has been named the preferred buyer of Signature Tower in what would be a landmark office property deal in South Korea this year.
The South Korean asset management firm is said to have offered slightly over 1 trillion won ($724 million) for the two-tower complex, translating to the low to mid-30 million range per 3.3 square meters.
If the deal is finalized, it will likely mark one of the largest office deals in Seoul’s central business district this year.
KB Asset will tap an in-house core plus blind pool fund formed by its parent KB Financial Group and raise an additional fund through equity shares for the transaction.
Completed in 2011, the two-tower complex offers nearly 100,000 square meters of office space with 17 floors above ground and five floors below.
Kumho Petrochemical Co. has been using the complex as its headquarters since 2012.
IGIS Asset Management Co. acquired the property at 720 billion won from Shinhan Asset Management in 2017 through a core real estate fund backed by the National Pension Service.
The sale, managed by Colliers, drew four bidders, including Shinhan REITs Management Co. and Pacific Asset Management Co.
By Yeonhee Kim
yhkim@hankyung.com
Jennifer Nicholson-Breen edited this article.
