UPDATE 1-S.Korea group picked to buy Telstra Tower in Sydney

* Woori-led group picked buyer of Telstra Tower

* Considering buying another A$400 mln building in Melbourne

(Adds background)

SEOUL, July 9 (Reuters) - A consortium led by South Korea's Woori Investment & Securities (005940.KS) has been picked as the preferred buyer of Telstra Tower in Sydney, and the brokerage is considering purchasing another building worth A$400 million ($312.3 million).

The brokerage unit of Woori Finance Holdings (053000.KS) said on Thursday that a final agreement for the Telstra Tower would take place after a three-month due diligence study, but declined to give the value of the deal.

Yonhap news agency reported the property purchase from Investa Property Group was worth A$200 million.

Woori Investment is looking into other office buildings in Australia to purchase, including a A$400 million building in Melbourne owned by Investa, a company spokesman said.

It is planning to expand real estate investment overseas to develop more investment products.

With commercial real estate markets in many parts of the world falling, investors ranging from pension and private equity firms are hunting for major office buildings.

South Korea's National Pension Service (NPS), the world's fourth-largest pension fund, will buy an office building in Tokyo for about 460 billion won ($360 million) jointly with private equity house The Carlyle Group. [ID:nSEO88657]

A senior NPS official said late last month that the fund saw good opportunities in the real estate market and would target landmark-type buildings in major cities. (Reporting by Shin Jieun and Kim Yeon-hee; Editing by Jonathan Hopfner)