Mapletree North Asia Commercial Trust is announcing the acquisition of a 50% stake in The Pinnacle Gangnam, an office building in Seoul, South Korea. This is a S$528 million purchase, 1.5% below the valuation conducted by Colliers International (Korea).
Completed in 2011, the freehold property of 20 storey has a 44,444 m² gross floor area and 89.6% occupancy and a 2.8 years WALE. NPI is at 3.2%.
The acquisition is expected to be DPU accretive and to be funded by debt.