RREEF makes quick profit on Seoul building

Deutsche Bank's alternative investments division sells an office building for $167 million to tenant Daewoo Securities after less than 18 months.

Deutsche BankÆs alternative investment arm RREEF has sold the Daewoo Securities office building in Seoul for W181 billion $167 million to Daewoo Securities.

RREEF acquired the building in March 2007 for W112 billion. This translates to a 62% return for RREEF from an asset it has held for less than 18 months and suggests the commercial market in South Korea continues to be vibrant.

The building is located in the Yoido Business District in Seoul. It was constructed in 1984...

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