The German unit of Deutsche Bank's RREEF real estate investment management arm has divested two fully leased office properties in Seoul, South Korea, to Samsung Group for a total of EUR 155 mln. The assets were held by a RREEF open-ended fund.

In a statement on Wednesday, RREEF Deutschland said it has realised roughly EUR 50 mln in capital gains through the sales of the assets, which were acquired for EUR 46 mln and EUR 71 mln.

The Samsung Finance property offers 24,000 m2 of office accommodation over 20 storeys located in the Gangnam business district. The HSBC asset provides 25,000 m2 in the business centre of the city.

'Given the current high level of demand in Seoul and the attractive offers in conjunction with the age of the building, the fund managers have opted for a lucrative sale of the assets,' said managing director Georg Allendorf.