British investment firm to buy Seoul office building for 390 bln won

SEOUL, July 17 (Yonhap) -- A British investment company said Friday that it has
signed a memorandum of understanding to buy an office building to be constructed
in Seoul for 390 billion won (US$310 million).

In a statement, London Capital Advisers Ltd. said it will sign a purchase
contract with Seoul-based GL Engineering & Construction Co. after a one-month due
diligence. Construction of the envisioned building will start early next year and
be completed by 2012.
London Capital Advisers said it is considering buying more office buildings in
South Korea as local office buildings are undervalued compared with commercial
buildings in other Asian countries.
sam@yna.co.kr
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