Business Services Industry
SINGAPORE INVESTMENT FIRM BUYS OFFICE BUILDING IN SEOUL.
AsiaPulse News, December, 2004
SEOUL, Dec 29 Asia Pulse - The Government of Singapore Investment Corporation (GIC), the global manager of the city state's foreign reserves, said Tuesday its real estate division has bought a 45-story office building in southern Seoul from US private investment fund Lone Star.
Lone Star III sold the Star Tower building to GIC Real Estate Pte Ltd. for an estimated record price for a building in Asia, financial sources said.
Neither GIC nor Lone Star disclosed the price, but the sources estimated it at 1 trillion won (US$959 million). The prime office building has a total floor area of 212,190 square meters, the largest in South Korea.
Lone Star bought the tower from Hyundai Industrial & Development Co. for 700 billion won in 2001. Lone Star stands...
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