UK-based fund manager M&G Real Estate has struck an agreement to acquire Centropolis Towers, a twin office tower in South Korea, for KRW1.18 trillion ($1.42 billion).

M&G Real Estate led the deal in a joint venture with two other South Korean pension funds. The deal will be completed in September. It marks the most expensive property transaction in South Korea since Morgan Stanley Private Equity purchased an office building from Daewoo Engineering for KRW960 billion in 2007.

Centropolis Towers, slated for completion in August, is located in Seoul’s central business district, Jongno-Gwanghwamun. The two towers comprise 26 storeys each, and a combined 1.447 million sq ft of floor space. They are within close proximity to a subway station.