Located in Seoul’s Chungmuro neighborhood (Jung-gu), Namsan Square was acquired for KRW 500 billion by KKR in February 2020 by forming a consortium with IGIS Asset Management and SK D&D. Initially, the KKR-IGIS-SK D&D consortium planned to raise the asset value through horizontal expansion using free space in the parking lot. A contractor was selected to make this a reality. The asset value was expected to increase once the lease ended after construction. However, nothing went according to plan. Construction costs rose along with interest rates, which led to the need for additional funds. However the fund that KKR used to invest could not add any more to […]