Just 5 years ago, asset managers were recruiting flagship stores to set up shop in assets in key commercial districts like Myeongdong, Hongdae, or Gangnam Station in order to add value. For example, Angelo Gordon and Mastern Investment Management partnered to acquire the newly developed former KB Kookmin Bank Myeongdong (now Hyde Park), and DWS Asset Management acquired the lot formerly occupied by McDonald’s at Hongdae Station to develop H CUBE. Both strategies worked. The Angelo Gordon Myeongdong project had the third Apple Store move in last April, and DWS Asset Management’s Hongdae project is preparing for the sixth Apple Store to move in soon. However, not everyone […]