PGIM Real Estate has sold Jung-An building, a 10-storey office block in Seoul, for an undisclosed sum.
Having acquired it in December 2019 in partnership with Samsung SRA Asset Management and Samsung Life Insurance, PGIM Real Estate modernised and improved the building, completing the refurbishment in 2020.
“Notwithstanding the impact of the ongoing COVID-19 pandemic on the office sector in general, we believe that high-quality, well-located and well-managed offices will continue to appeal to occupiers and investors alike,” Benett Theseira, PGIM Real Estate’s head of Asia Pacific, said.