Keppel acquires office tower in Seoul

It plans to upgrade the building’s facade and interior spaces.

Keppel’s private funds Keppel Asia Macro Trends Fund IV and a co-investment programme have committed to acquire the Bank of Korea’s Sogong Annex Facility in Seoul’s Central Business District for an undisclosed amount.

With this acquisition, Keppel has closed over S$1.5b worth of deals in South Korea since 2021, and now has S$2.6b assets under management (AUM) in the country.

KAMTF IV and the CIP will each hold an effective interest of 50% in the Bank of Korea's Sogong Annex Facility, a 13-storey office building with adjacent parking facilities, spanning a total gross floor area of about 15,750 sm.

It was originally built to be the headquarters of the Korea Commercial Bank and is located in the intersection of the Myeongdong and Namdaemun in Seoul’s CBD. It is also near the City Hall and Myeongdong subway stations, Keppel said in a press announcement.

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Keppel laid out plans to enhance its facilities, including upgrading the office building’s façade and interior spaces, as well as undertaking active lease management to optimise occupancy and achieve higher rents.

In addition, Keppel said that it will leverage its real estate division’s sustainable urban renewal (SUR) expertise to improve the asset’s operational efficiencies and performance.

The abovementioned transaction is not expected to have any material impact on the
earnings per share and net tangible assets per share of Keppel Corporation for the current
financial year.

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