Global alternative asset manager KKR, along with Korea-focused real estate fund manager IGIS Asset Management and the National Pension Service of Korea, has agreed to acquire a mixed-used real estate project in the Gangnam district of Seoul, South Korea from local engineering firm Daor E&C. The project is expected to cost KRW2.1 trillion (approximately US$1.85 billion), inclusive of the purchase price and further completion costs. The property will primarily consist of prime-grade office space, amenity retail space and a five-star hotel, with a gross floor area of almost 240,000 square meters. KKR will invest through KKR Asian Fund III.