Macro Trends Fund, managed by Alpha Investment Partners (AIP), the wholly owned property fund management unit of Keppel Land, has invested US$210 million in the Seoul Square, an office building in South Korea.
AIP established the US$1.2 billion Macro Trends Fund in 2007 to concentrate on prominent trends throughout Asian markets including Hong Kong, Japan, Singapore, South Korea and Taiwan, as well as the emerging markets of Vietnam, India and China.
The portfolio of the fund includes the redevelopment of Katong Mall, private residential projects in prime residential districts in Singapore; an office building in Gangnam Business District in Seoul; a serviced apartment portfolio and hotel in Hong Kong, a serviced apartment-cum-retail development in India; and commercial buildings in Tokyo.
The fund has now added Seoul Square to its portfolio through the participation of AIP “in a structured investment”. With a total lettable area of around 1.43 million sq ft of prime Grade A office space, the 23-storey building is home to tenants like Mercedes Benz and LG Electronics.
The fund has achieved an 18 percent return per year, at the upper end of its targeted returns, said AIP.
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