GIC, Canadian pension fund buy Seoul office building for 418b won

Singapore

GIC and the Canada Pension Plan Investment Board (CPPIB) on Wednesday said they have entered into a joint venture partnership to buy a Grade A office building in Seoul, the Kumho Asiana Main Tower, from Kumho Asiana Group, the parent of Asiana Airlines, for 418 billion Korean won (S$520.1 million).

Following this transaction, CPPIB and GIC will each own a 50-per-cent stake in the property, which is located in the centre of Gwanghwamun, a core office, government and cultural precinct in Seoul's central business district.