July 24, 2018 / 4:54 AM / 8 months ago

M&G Real Estate acquires Seoul office building for $1 billion

HONG KONG (Reuters) - M&G Real Estate, a unit of insurance giant Prudential Plc (PRU.L), said on Tuesday it had acquired an office building in Seoul for $1.04 billion.

Centropolis Towers, the 26-storey twin-tower office building in Seoul’s central business district, will have a combined floor space of 134,399 square meters when it is completed in August, the company said.

M&G Real Estate is the property arm of M&G Investments, which is part of M&G Prudential, a savings and investment business formed by Prudential in August last year.

The firm has around 30 billion pounds ($39 billion) in assets, according to its website.

Reporting by Kane Wu; Editing by Sunil Nair

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