Hyundai Swiss Tower in Seoul Sold for approx. €39 million
In late May 2009, DEGI, a member company of Aberdeen Property Investors, sold the Hyundai Swiss Tower in Seoul – an office property held in its DEGI INTERNATIONAL open-ended property fund – to a South Korean buyer for approximately €39 million Euros. Despite the difficult market environment, the negotiated sales price exceeded its current portfolio valuation.
Located in the South Korean capital inside the well-established submarket of Kangnam, the Class A office building was acquired through a participation in 2005. The property has an aggregate floor space of about 15,000 sqm, and is let to tenants from a variety of industries.
As Bärbel Schomberg, CEO of DEGI, emphasized, this sale above the portfolio valuation demonstrates that it is possible to benefit handsomely from international market developments even in an economically difficult environment. The prerequisites for doing so are above all active portfolio management, the quality of the property, and a property valuation in line with market standards. “Even during difficult market phases, our active portfolio management enables us not just to conduct transactions, but to turn a profit in the process,” Schomberg went on to say.
Background Information
DEGI Deutsche Gesellschaft für Immobilienfonds mbH ranks among the biggest property fund companies in Germany and ever since its foundation in 1972 has been specialising in the management of property assets. Its product portfolio currently comprises two open-ended property funds for private investors, two open-ended property funds for institutional investors, one special property fund, plus two individual mandates. The company, with around 135 employees, manages a total of approximately 6 billion euros. DEGI’s current portfolio includes properties in 17 different countries. Since 27 March 2008, DEGI is part of Aberdeen Property Investors.
More information: www.degi.com
Aberdeen Property Investors is the dedicated property investment division of Aberdeen Asset Management PLC, a global investment management group listed on the London Stock Exchange, which manages around €104 billion of assets in equities, fixed income and property. Aberdeen Property Investors manages some €25 billion of property assets in Europe, Asia and North America through property funds and separate account mandates, making it one of the top 10 global property investment managers. Clients are solely third party clients and primarily institutional investors, such as life insurers and pension funds. They are served by more than 700 people at offices in 12 European countries, as well as in Singapore and Hong Kong.
More information: www.aberdeenpropertyinvestors.com
Aberdeen Asset Management PLC (Aberdeen) is an international investment management group managing assets totalling £96.3 billion
(US$138 billion, €103.9 billion) as at 31 December 2008 for clients around the world. Since 1991, Aberdeen has been listed on the London Stock
Exchange. The Group’s principal areas of activity are equity, fixed income and property.
More information: www.aberdeen-asset.com
Legal note:
All statements made in this press release are subject to error and topicality. All particulars relating to the future, especially, are non-binding. DEGI assumes no liability whatsoever for the information given and statements made here.