Pebblestone Asset Management has signed a memorandum of understanding to acquire Hidepark Myeongdong, a 19-floor mixed-use complex in Seoul’s Myeongdong district, for approximately 500 billion won ($361 million). The agreement followed Pebblestone’s selection as preferred bidder in final bidding involving three parties, including KB Asset Management. JLL Korea is advising the seller. Pebblestone plans to fund the equity portion with commitments from Yellow Umbrella Mutual Aid and Teachers’ Pension, and aims to complete due diligence, investment committee review and acquisition financing before closing by year-end. The property, completed in 2021, contains Apple Myeongdong, Stanford Hotel Myeongdong and medical tenants serving foreign tourists. Pebblestone is also negotiating the acquisition of T Tower near Seoul Station, which would be funded through a domestic real estate blind-pool fund backed in part by South Korea’s National Pension Service.