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| Financial News |
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| Location |
Seoul, Korea |
| Date acquired |
Acquired by Global Fund I in December 2001 |
| Purchase price |
US$16 million (100%) |
| Structure |
75% joint venture |
| Description |
A fully let 12 storey, 14,900 sqm, poorly maintained, 20 year old, grade B office building in a prime position in Seoul's Yoido business district. |
| Investment strategy |
Following acquisition, the building was refurbished externally and internally and the services were enhanced. The leases were restructured and operating costs were stabilised to maximise income. The resulting grade B investment was sold to a local institution within a three year time frame.
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Date sold
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August 2004 |
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