Skip to content
Subscriber Only

KKR Joins Sovereigns Seeking Seoul Skyline Yields: Korea Markets

KKR & Co. bought a skyscraper in downtown Seoul, within walking distance from blocks owned by wealth funds of Azerbaijan and Singapore, as falling bond yields and a revived economy spur a search for higher returns.

The private-equity firm run by Henry Kravis and George Roberts acquired the K Twin Towers in Seoul this month, after Azerbaijan’s state oil fund spent $447 million for a building in April. Seoul office prices rose 11 percent in the year to April 30, with yields of 5.67 percent, according to Real Capital Analytics Inc. Five-year sovereign yields fell almost half a percentage point to 2.9 percent in 12 months.