Keppel Capital to acquire three Seoul commercial buildings for S$510M

South Korea Kimchi package

Keppel Capital, via its Alpha Asia Macro Trends Fund III (AAMTF III), has entered a deal to acquire three Seoul commercial buildings from a Korean asset management company for around 430 billion South Korean won, or around S$510 million, the company said Monday.

“These prime commercial properties are well-located in major business districts of Seoul and have good connectivity and high accessibility to public transportation. Their addition to AAMTF III also aids in the diversification of the fund’s portfolio,” Alvin Mah, CEO of Alpha, said in the statement.

The portfolio of buildings includes Yeouido Finance Tower in the Yeouido business district, the Nonhyun Building in the Gangnam business district and Naeja Building in the Gwanghwamun business district, Keppel said in a filing to SGX after the market close.

AAMTF III is managed by Alpha Investment Partners, which is Keppel Capital’s private fund management arm. Keppel Investment Management, which is Keppel Capital’s asset management arm in South Korea, will be appointed the local asset manager for the three buildings, the filing said.

Robert Sung, CEO of Keppel Investment Management, said property investments in Seoul have performed well. “The office sector is expected to see limited supply over the next few years while leasing demand is projected to remain steady,” Sung said in the statement.


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