ARA Asset Management has purchased Parc 1 Tower B, an office building in Seoul, for over ₩1 trillion (US$1.2 billion), in a deal slated to be the largest single asset transaction in Korea in 2020.

Located within Yeouido business district, the property is one of the two newly-constructed office towers within the Parc1 mixed-use complex designed by architect Richard Rogers, ARA said in a press statement on Tuesday, 10 November, 2020.

Currently the fifth-tallest office building in Seoul, it comprises 52 stories and has a gross floor area of 166,540 square meters. The development is adjacent to Yeouido Park and Han River Park and is easily accessible from all major locations in the city via public transport, ARA noted.

In addition, Parc1 has energy-saving systems. These include charging spots for electric cars, the use of green energy such as geothermal energy, combined heat and power plants, fuel cells, and solar power to minimize the building’s carbon footprint, ARA said. It added that the tower is built to withstand up to a magnitude-seven earthquake and strong wind speeds of up to 70 meters per second, among other features.

Anthony Kang, chief executive of ARA Korea, said the group expects “strong leasing demand” for the property, given its prime location, and with Korean securities firm NH Investments and Securities pre-committing to more than one-third of the tower’s gross lettable area.

ARA Korea has been appointed the sole asset manager of Parc1 Tower B.

Separately, ARA and British property group Chelsfield on Wednesday said they have bagged a US$385.8 million green loan from DBS and UOB to finance the acquisition and asset enhancement of 5One Central, formerly known as Manulife Centre in Singapore.

In January 2019, ARA and Chelsfield jointly acquired the property at 51 Bras Basah Road for around US$555.5 million.

The 11-story commercial building is a 50:50 joint venture between ARA and Chelsfield. Spanning across 241,000 square feet (22,389 square meters) the building comprises a ground floor retail podium and office floor plates of at least 23,000 square feet (2,136 square meters).

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