M&G Real Estate has acquired a US$17.4 million ($22.4 million) multi-family residential building in Seoul, South Korea. The deal marks the real estate investment manager’s first residential investment in South Korea on behalf of its Asia Pacific Living strategy, the firm said in a press release.

The 14-storey building was completed in 2019 and is located in the Hwanghak-dong neighbourhood in the Jung district in central Seoul. It has 95 studio and loft units, with a total gross floor area of 44,347 sq ft. The property is a 15-minute drive to the central business district and is within a 4km radius of nine major universities.

M&G says it plans to upgrade the property by improving its sustainability features and renovating shared spaces into social hubs, while also adding a rooftop lounge.

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“Together with our residential investments in Japan and purpose-built student accommodation in Australia, we continue to diversify across countries, sectors and housing types,” says David Ashkam, director of portfolio management for Asia living at M&G Real Estate.

He adds: “As people’s preferences for city living evolve, our strength in finding and managing future-ready properties puts us in a strong position to grow across the region, while delivering sustainable returns for our investors.”