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2009/11/05 16:37 KST
(LEAD) National pension fund to purchase 2 London buildings

SEOUL, Nov. 5 (Yonhap) -- South Korea's national pension fund said Thursday it is set to buy two office buildings in central London as part of a plan to increase investments in overseas properties.

   The National Pension Service (NPS), which manages around 270 trillion won (US$229 billion), will purchase a 50-percent share in a six-story commercial building named 40 Grosvenor Place for 170 billion won, the fund said. It will also pay 180 billion won to acquire a 17-story office tower called 88 Wood Street, the NPS said.

   "The properties are expected to generate stable returns over a long haul," the fund noted.

   The pension fund plans to expand direct investments in prominent properties in major global cities which are currently seeing corrections in prices, the NPS said. In July, the fund also bought a commercial building in Japan for 460 billion won in a joint deal, it said.