ARA Asset Management Limited (ARA or the Group) is pleased to announce that its Korea subsidiary has completed the acquisition of Parc1 Tower II (the “Property”), a landmark office tower in Seoul, Korea, via a new private real estate fund managed by ARA Korea (REF) Limited.
- The transaction, valued at over KRW 1 trillion (approx. US$897 million), is slated to be the largest single asset transaction in Korea this year.
- Located within Yeouido Business District, the Property is one of the two newly-constructed landmark office towers within the Parc1 mixed-use complex designed by famed architect Lord Richard Rogers.
- Parc1 is rated Grade 1 in G-SEED (Green Standard for Energy and Environmental Design) with smart Building Energy Management System (BEMS). It boasts eco-friendly and energy savings systems and state-of-the-art facilities to provide an efficient work environment and safety to its tenants and the community.