Kohlberg & Kravis Roberts (KKR) has decided to sell half of its stake in Namsan Square. KKR sent a Request for Bidding Proposal (RFP) to their sales advisory firm in August and has been reviewing a sale. Initially, a consortium of KKR, IGIS Asset Management, and SK D&D planned to raise the asset value through expansion and lease improvement, but has since quickly considered the sale due to market volatility such as the interest rate hikes and possibility of a recession. After liquidity in the domestic commercial real estate market dried up in the aftermath of high interest rates, the sale was put on hold believing it would be too […]