HONG KONG--(BUSINESS WIRE)-- KKR, a leading global investment firm, and LIM Advisors, a leading Asian-based multi-strategy investment group, announced the completion of the joint acquisition of K Twin Towers, a prime commercial property in Seoul's central business district.
KKR and LIM Advisors made the purchase through the acquisition of 100 per cent of the common equity in a trust managed by Vestas Investment Management. Additional terms of the transaction were not disclosed.
Completed in 2012, K Twin Towers is a premium-grade commercial property located in the Gwanghwamun precinct within the Seoul central business district. It occupies more than 900,000 square feet [83,800 square metres / 25,300 pyeong] across 22 floors of premium office and retail space and has commanding views of the Gyeongbokgung Palace and the Presidential Blue House. K Twin Towers spans two office towers occupied by tenants that include major multinational and South Korean corporations, financial institutions and law firms.
K Twin Towers received a Green 2nd Rating from the government-backed environmental building certification system Green Standard for Energy and Environmental Design ("G-SEED"). This is the second-highest rating equating to ‘Excellent' status in South Korea.
Bryan Southergill, Director, Real Estate, at KKR Asia, said, "We are very pleased to expand our real estate business to the South Korean market and to collaborate with LIM Advisors to acquire one of Seoul's top commercial buildings."
George W. Long, Chairman and Chief Investment Officer of LIM Advisors, said, "We are delighted to have been able to source and negotiate this investment and to work with our partner KKR to complete this major real estate transaction in the heart of downtown Seoul."
Deutsche Asset & Wealth Management, Shin & Kim, and Deloitte advised both parties on the transaction.
Notes to Editors
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com.
About LIM Advisors
LIM Advisors Limited is an Asian focused multi strategy investment group, founded in 1995 by George W. Long, originally under the name Long Investment Management Limited ("LIM"). LIM is based in Hong Kong and has wide regional coverage, with additional research offices in Tokyo and Beijing. LIM has extensive investment expertise across the region and has been investing in Korea since the firm's inception.
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For KKR Asia
Anita Davis, +852-3602-7335
Soo Park, +82-10-3752-0415
Kaeun Yu, +82-2-6323-5075
For LIM Advisors
Leo Wood, +852-3768-4538
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