ICP (SGX:5I4) completed the acquisition of a 16-story building in Gangnam, Seoul, South Korea for 120 billion won, according to a filing with the Singapore Exchange on Friday.

Following the completion, the company wholly owned subsidiary, MHI SG 1, has entered into a

shareholders' agreement with TLK 2, a South Korean firm which is the designated operating company for the property, and a Singapore-based affiliate of a global alternative asset management firm.

The shareholders' agreement comprises the customary clauses that govern the relationship between majority and minority shareholders of the property.

Accordingly, MHI SG 1 will subscribe for a 5% stake in TLK 2 within 30 days, with the remaining 95% owned by the property operator.

The acquisition of was carried out through internal resources and bank borrowings.