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
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Uma Devi
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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".
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