Canada Pension Plan Investment Board Acquires 50% Interest in Grade A Office Development in Seoul, South Korea
Development Property is 100% Pre-Leased by Samsung SDS
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 09/04/13 -- Canada Pension Plan Investment Board (CPPIB) announced today that it has acquired a 50% interest in the Samsung SRA Private Real Estate Investment Trust No. 4, a single asset fund which owns a high-quality Grade A office development property in Seoul, South Korea. CPPIB's equity commitment for its interest will be KRW 126 billion (C$118.6 million).
Located at 7-13 Sincheon-Dong in Jamsil, a growing sub-market near the Gangnam Business District in Seoul, the development property is 100% pre-leased by Samsung SDS, South Korea's largest IT services company. The property will serve as Samsung SDS' headquarters and completion is scheduled for May 2014.
"This transaction represents our first real estate investment in South Korea and is an excellent opportunity to invest in a high-quality, newly-constructed building in an increasingly popular office sub-market with a blue chip tenant," said Graeme Eadie, Senior Vice-President and Head of Real Estate Investments, CPPIB. "We are pleased to complete our first investment alongside the Samsung Group and look forward to the property's completion."
When completed, the office property will comprise 30 floors with a gross leasable area of approximately 1.1 million square feet, including underground parking.
"We see this investment as an attractive entry point into the Korean market," said Mr. Eadie. "As Asia's fourth largest economy, South Korea is a key market with stable long-term growth prospects."
About Canada Pension Plan Investment Board
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 18 million Canadian 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 London and Hong Kong, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2013, the CPP Fund totalled C$188.9 billion, of which C$20.9 billion represents real estate investments. For more information, please visit .
Contacts:
CPP Investment Board
Linda Sims
Director, Media Relations
(416) 868-8695
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 04.09.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 1260377
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO
Phone:
Kategorie:
Commercial & Investment Banking
Anmerkungen:
Diese Pressemitteilung wurde bisher 112 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Canada Pension Plan Investment Board Acquires 50% Interest in Grade A Office Development in Seoul, South Korea
"
steht unter der journalistisch-redaktionellen Verantwortung von
CPP Investment Board (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
