Singapore private real estate investment firm SC Capital Partners Group said on the 13th that it sold an education-use building in Daechi-dong, Gangnam-gu, Seoul through the SC Core Plus Fund (SCORE+).
SC Capital Partners bought the building in Oct. 2016 for 26 billion won and sold it about nine years later for about 54 billion won. The company said the transaction was concluded at less than 3% on a net operating income (NOI) yield basis on the sale price, an amount more than double the purchase price.
Located in the heart of Daechi-dong, the six-story building has a total leasable area of about 4,189 square meters and has maintained full occupancy on the back of a solid education and residential catchment area. SC Capital Partners has pursued an active leasing strategy, including converting the first-floor retail from a discount store to a stationery and gift shop.
Founded in 2004, SC Capital Partners is an Asia-Pacific real estate investment firm headquartered in Singapore with $9 billion in assets under management. It has completed more than 100 real estate transactions in the Asia-Pacific region.
Suchad Chiaranussati, chairman and founder of SC Capital Partners, said, "Korea's private education market has proven its exceptional resilience, and a strategy that views education as a long-term investment theme can deliver strong results for investors."