Blackstone, Korea Post among bidders for $1 bn new office tower in Seoul
Mar 01, 2018 (Gmt+09:00)
Twin office towers under construction in Seoul, worth an estimated 1.1 trillion won ($1 billion), have attracted Blackstone Group, Korea Post and five to six other bidders by the Feb. 27 deadline, which looks set to be the country’s largest property sale in the first half of this year.
A lack of new prime office space in the central business district of Seoul and a planned redevelopment of the surrounding areas as historic and cultural quarters fanned interest in the 26-story buildings, despite a pick-up in the vacancy ratio of large office buildings across Seoul.
Korea Post teamed up with Millinium Inmark Asset Management Co. Ltd., a joint venture between two Australia-based companies to bid for Centropolis Towers owned by domestic developer CTCore, according to real estate industry sources.