TORONTO - The Canada Pension Plan Investment Board has signed a joint venture to purchase a prime office building in Seoul, South Korea.
The CPPIB and Singapore-based investment firm GIC are buying the Kumho Asiana Main Tower from the parent company of Asiana Airlines for about $492 million.
Both purchasers will own a 50 per cent stake in the property in the centre of Gwanghwamun, a core office, government and cultural precinct in Seoul's central business district.
Jimmy Phua, the managing director and head of real estate Asia for the Canadian pension board, says investing in one of the largest office markets in Asia fits well with CPPIB's strategy to invest in top-tier real estate.
The CPPIB invests money not needed by the Canada Pension Plan to pay current benefits and held $337.1 billion in assets at the end of 2017.