Degi International, one of Germany’s largest property funds, has sold a 161,460 sq ft office tower in Seoul for E39m.
The multi-let Hyundai Swiss Tower, located in the Kangnam sub-market of Seoul, was sold to a South Korean entrepreneur. The property was a part of DEGI's open-ended property fund and was purchased by it in 2005.
Bärbel Schomberg, chief executive of DEGI, said that the prerequisite for a successful sale in this market is active portfolio management, the quality of the property, and a property valuation in line with market standards.
DEGI manages assets worth E6bn and is a part of Aberdeen Property Investors.