DEGI INTERNATIONAL Sells Office Tower in Seoul

Hyundai Swiss Tower in Seoul Sold for approx. 39 Million Euros

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. In spite of the difficult market environment, the negotiated sales price tops the building’s erstwhile purchase price by 20% and actually exceeds its current market value. The idea behind the sale of this commercial building from 1993 is to bolster the
fund liquidity.

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 market value demonstrates that it is possible to benefit handsomely from international market developments even in an economically difficult market environment.

The prerequisites for doing so are above all an active portfolio management,the quality of the property, and a property valuation in line with marketstandards.

“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

Source : DEGI