Mapletree Investments And Mapletree North Asia Commercial Trust to Acquire Freehold Office Building in Seoul
September 28, 2020 – Mapletree Investments Pte Ltd. and Mapletree North Asia Commercial Trust (MNACT) are pleased to announce that they have entered into a unit sale and purchase agreement to co-invest in an office building located at 119, Nonhyeon-dong, Gangnam-gu, Seoul known as “The Pinnacle Gangnam”, at an agreed property value of KRW 452 billion (S$528.4 million) (US$383 million).
Under the agreement, MIPL will hold a 49.95% interest in IGIS Qualified Investment Type Private Placement Real Estate Investment Trust No. 6 which beneficially owns the Property, while MNACT will hold a 50.0% interest; with the remaining 0.05% interest to be held by an independent third-party investor.
A unitholders’ agreement has been entered into between MIPL’s SPV, MNACT’s SPV, and the independent third-party investor to regulate their relationship as unitholders of the Target REF.
Completed in 2011, the Property comprising a 20-storey freehold office building with six underground floors is located in Seoul’s Gangnam business district (GBD), known to be the preferred location for information technology (IT), technology, media, and fashion corporates.
It has direct access to an underground subway station (Gangnam-gu Office Station), providing excellent connectivity across the Seoul metropolitan area.
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