Koreit Investment Management, an affiliate of Korea Land Trust, has recently purchased Yeouido Park Center, including Marriott Executive Apartments, in western Seoul, for 87 billion won (US$73 million), according to the Korea Economic Daily on Dec. 26.
The center, established in 2007, consists of two 34-story buildings rented for residential and commercial uses. Marriott Executive Apartments, corporate apartments featuring hotel services, have 103 units at the 12 floors of the building B.
CNH, a KOSDAQ-listed management firm, acquired the center from Japanese special purpose company Afrana-Seoul for 55 billion won in 2010.
Under the new deal, its affiliate CNH Hospitality will be operating the center for next 15 years. The Marriott brand will be maintained as well.
Koreit, which manages about 2 trillion won in capital, is said to have attracted 30 billion won funding for the purchase.
By Lee Ji-yoon (firstname.lastname@example.org)