Canadian Pension Fund, Singapore’s Sovereign Wealth Fund to Buy Prime Seoul building for C$497M

Toronto-headquartered Canada Pension Plan Investment Board (CPPIB) and Singapore’s sovereign wealth fund GIC Private Ltd., established in 1981 to manage Singapore’s foreign reserves, have formed a joint venture to buy a landmark office building in Seoul for C$497 million. In a statement posted on its website, GIC said the joint venture will acquire the 29-story building Kumho Asiana Main Tower, located in the centre of Gwanghwamun, from Asiana Airlines’ parent company Asiana Group. Gwanghwamun is a core office, government, and cultural precinct in Seoul’s Central Business District. CPPIB and GIC will each take a 50 percent stake in Kumho Asiana Main Tower. GIC said Germany’s DWS, a global asset management company, will manage the property after the deal. The building is used by Kumho Industrial, Kumho Resort, Air Seoul, Kumho Tire and some departments of Asiana Airlines.

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