Le Lézard
Classified in: Business
Subjects: PARTNERSHIPS, JOINT VENTURES

CPPIB and GIC Enter into Joint Venture Partnership to Acquire an Office Property in Seoul's Central Business District


TORONTO and SINGAPORE, May 09, 2018 (GLOBE NEWSWIRE) -- Canada Pension Plan Investment Board ("CPPIB") and GIC have entered into a joint venture partnership to acquire a Grade A office building in Seoul, Kumho Asiana Main Tower, from Kumho Asiana Group, parent of Asiana Airlines, for KRW418 billion (US$380 million).

Following this transaction, CPPIB and GIC will each own a 50% stake in this landmark property, which is located in the centre of Gwanghwamun, a core office, government and cultural precinct in Seoul's Central Business District, offering good access to Gwanghwamun Station, a key public transport hub. Due to its prime location, surrounding amenities and historical and cultural importance, the Gwanghwamun district is favoured by both local and multinational tenants.

Jimmy Phua, Managing Director and Head of Real Estate Asia, CPPIB, said, "The opportunity to invest in one of the largest office markets in Asia through this prime office building fits well with CPPIB's strategy to invest in top-tier, well-located real estate. In addition, this investment reflects CPPIB's desire to increase our investments in the Asia Pacific region, and we're pleased to do so alongside GIC, one of CPPIB's long-standing partners."

The property was sourced and will be managed by DWS (formerly Deutsche Asset Management), one of the world's leading asset managers. With 49 billion euro in global real estate assets under management (as of 31 December 2017), DWS has a 45-year track record in managing real estate assets.

Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, "GIC has been investing in South Korea since the late 1990s. This investment reflects our confidence in South Korea's continued growth and commitment to identifying attractive opportunities in this market. We believe this high-quality, well-located property will generate resilient returns over the long term, and look forward to working with CPPIB and DWS to enhance the value of this asset."


CPPIB
CPPIB Media Relations
[email protected]

Mei Mavin
Director, Global Corporate Communications
T: +44 203 205 3406
[email protected]

 
GIC 
Ms Mah Lay Choon
Senior Vice President, Communications
DID: +65 6889 6841
E-mail: [email protected]
Ms Tess Chia
Vice President, Communications
DID: +65 6889 8653
E-mail: [email protected]


 


About CPPIB


Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2017, the CPP Fund totalled C$337.1 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedInFacebook or Twitter.

About GIC

GIC is a leading global investment firm established in 1981 to manage Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg


These press releases may also interest you

at 04:00
Modal, a London-based investment and management firm that specializes in the acquisition and management of Industrial Outdoor Storage ("IOS") assets, and Centerbridge Partners, L.P. ("Centerbridge"), a leading global private investment firm with deep...

at 04:00
Keypoint Intelligence, the global leader in data and market intelligence for the digital imaging industry, and FuturePrint, a recognized thought leader in the print industry with a robust digital platform that delivers a wide array of content and...

at 04:00
Johnson Matthey (JM), a global...

at 04:00
In just 6 months after Kazakhstan launched the digital tenge, its Central Bank Digital Currency, over 10 innovative CBDC card services have become available to the country's population of 20 million. Altyn Bank, Eurasian Bank and Halyk Bank leveraged...

at 04:00
LiTHOS Group Ltd. ("LiTHOS" or the "Company") (CBOE CA: LITS), a leader in sustainable lithium production, is pleased to announce the continued influx of brine samples from new mining companies. This development underscores LiTHOS's growing...

at 04:00
Oakdoor, a pioneer in hardware-enforced security solutions, which is part of PA Consulting (PA), and Nexor, the leading specialist in Secure Information Exchange, have announced a strategic partnership to advance a high assurance cross domain...



News published on and distributed by: