Koramco completed the acquisition of Majestar City Tower B in Seoul from Invesco Real Estate for $385m.

Koramco, a real estate finance company, completed the acquisition of Majestar City Tower B in Seoul from Invesco Real Estate, a real estate investment business of Invesco, for $385m. “Majestar was acquired six years ago and has delivered attractive risk adjusted returns to our investors. As active real estate managers, the selective and well-timed sale of assets to rebalance portfolios and realize embedded value is always a key element of our investment process, and our secular convictions mean we believe now is the right time to divest. The sale price achieved is almost double our original purchase price. We continue to manage a high-quality diversified portfolio with resilient performance, where leasing momentum and embedded value continues to drive performance," Ian Schilling, Invesco Real Estate Head of Core Funds.