US private equity firm Kolberg Kravis Roberts and Hong Kong-based investment firm LIM Advisors have recently put the K-Twin Tower in Seoul up for sale three years after their purchase, The Bell reported on Sept. 11.
The two firms acquired the commercial buildings for about 20 million won (US$17,600) per 3.3 square meters back in 2014 and are hoping sell the property for 26 million won per 3.3 square meters. Based on the price, the total deal size could reach 66 million won.
|K-Twin Tower located in Gwanghwamun, Seoul.|
The report said Vestas Asset Management plans to select the deal adviser within the month with aims to start the bidding process later this year.
The K-Twin Tower, located in Gwanghwamun, central Seoul, was completed in 2012. The property consists of two 22-story buildings with a total floor space of about 84,000 square meters. It has maintained a low vacancy rate and is sought after by domestic investors.
By Alex Lee (firstname.lastname@example.org