Westgate Tower – Seoul, South Korea
Off-market office acquisition with value creation through renovation, repositioning, and lease up of vacancy.
Hines Asia Property Partners (HAPP)
Placemaking to Create Value
AT A GLANCE
Seoul, South Korea
30,133 ​ sqm
Acquired in Q2 2022
Description
Hines acquired this 85% occupied asset in an off-market transaction on behalf of the Fund in June 2022. The ~30,000 square meter office building is well-located next to a subway station in the Seoul central business district. The Hines in-country team executed strategic renovations to enhance public spaces and amenities, and successfully leased the building to 99% occupancy within one year of its acquisition at substantially higher rents. Value was created through placemaking-led increases in rents and lease up of vacancy.
Gallery
Disclosures
Westgate Tower is part of the HAPP portfolio. The case study presented herein is for illustrative purposes only. It should not be assumed that investments made in the future will be comparable in quality or performance to the investment described herein. Case studies selected are the Fund’s latest acquisition in each sector.