SEOUL-Hamburg, Germany-based Union Investment Real Estate GmbH has sold the SMT office building here for about $91 million. Local investor TRUS Y7 REIT Co. Ltd. purchased the 400,000-square-foot tower.
In a statement, Union said it paid less than $30 million for the building in September 2006 for the company’s institutional real estate fund Immo-Invest: Europa. Built in 1999, the building, in the Mok-dong district, includes tenants such as Samsung Life Insurance and Thyssen Krupp Korea.
Karl-Joseph Hermanns-Engle, a member of Union’s management board, said the company is taking advantage of strong investment demand for core properties in the city. The company sold the 14-story H1 office building here in July 2010 for 36% more than the original purchase price, he said. “Seoul is still one of Asia’s most stable investment markets, and remains extremely popular with both domestic and international investors,” Hermanns-Engle said in the statement.
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