CapitaLand Investment closes $194.4m blind pool fund deal in South Korea
The fund acquired a commercial property for $428.5m.
CapitaLand Investment Limited (CLI) closed a new $194.4m office blind pool fund deal in South Korea, increasing its funds under management (FUM) in the market by 16% to $3.3b.
In partnership with KB Bank, the new fund made CLI manager of eight private funds in South Korea.
The fund acquired a commercial property, Golden Tower, for $428.5m (KRW 440.8b). The company will receive recurring fee income as asset manager of the property.
The 20-storey property is located in Seoul’s Gangnam Business District (GBD), within walking distance to three subway stations - Seolleung, Samseong, and Samseong Central stations.
It is set to undergo an asset enhancement initiative (AEI) to improve areas such as the lobby, and facade as well as mechanical, electrical and plumbing components by the end of 2024 and be completed by Q3 2025.
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