MNACT expands investment mandate, acquires 50% stake in Seoul office building

Price tag for 20-storey freehold property in Gangnam business district is 228.9b Korean won

Uma Devi

Published Fri, Sep 25, 2020 · 09:50 PM

Singapore

MAPLETREE North Asia Commercial Trust (MNACT) is acquiring a 50 per cent stake in Pinnacle Gangnam, a 20-storey freehold office building in Seoul's Gangnam business district in Korea, for a price tag of 228.9 billion Korean won (S$267.6 million).

The acquisition follows MNACT's announcement that it will expand its investment mandate to include South Korea after identifying the country as a "scalable new market" with "attractive investment characteristics".

The acquisition, slated for completion by year's end, is believed to be an "attractive value proposition" in terms of distribution-per-unit (DPU) accretion and net property in…