SINGAPORE – Keppel Corporation on Thursday said its private funds acquired the Bank of Korea’s Sogong Annex Facility, located in Seoul’s Central Business District (CBD).

The move brings the conglomerate’s South Korean portfolio to 2.6 trillion won (S$2.7 billion).

The acquisition was made by Keppel Asia Macro Trends Fund IV and a co-investment programme committed by a Korean financial institution, Keppel said.

Each of the funds will hold 50 per cent effective interest in the property – a 13-storey office tower with adjacent parking facilities spanning some 15,750 sq m of gross floor area.

The facility was originally the headquarters of Korea Commercial Bank and is located at the intersection of Myeongdong and Namdaemun.

It is also in the vicinity of the City Hall and Myeongdong subway stations.

Keppel plans to roll out asset enhancement initiatives on the property.

These include upgrading the office building’s facade and interior spaces, as well as undertaking active lease management to optimise occupancy and achieve higher rents.

It does not expect the transaction to have any material impact on its earnings per share and net tangible assets per share for the current financial year.

Keppel shares closed 1.46 per cent higher at $6.96 on Thursday. THE BUSINESS TIMES