Singapore's Keppel REIT buys Seoul office asset for $220m

Seoul, South Korea. Photo by Emile-Victor Portenart on Unsplash.

Singapore-listed Keppel REIT has entered into an agreement with PGIM Real Estate to purchase an office building in Seoul for 252.6 billion won ($220 million).

Keppel REIT will be acquiring a 99.38 per cent stake, while sister firm Keppel Capital will buy the remaining 0.62 per cent stake. Keppel Investment Management Co., Ltd will be appointed the local asset manager for the property, according to a press release.

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