Cryptocurrency exchange Bithumb is becoming a new investor in Gangnam N Tower located on Teheran-ro in Gangnam, Seoul. Bithumb plans to use this building as its office.
According to the investment banking (IB) industry on the 12th, KB Real Estate Trust and the seller advisory firm Cushman & Wakefield Korea have withdrawn the public sale of Gangnam N Tower. KB Real Estate Trust holds Gangnam N Tower through the 'KB Gangnam Office No. 1 REITs (Real Estate Investment Trust).'
Instead, Bithumb has decided to invest in Gangnam N Tower through a Share Deal. A Share Deal is a form of buying and selling revenue securities while leaving the real estate fund intact, making Bithumb the beneficiary of Gangnam N Tower. It is reported that an amount of 44 million won per 3.3 square meters was proposed.
Bithumb plans to transfer its office from the current Samwon Tower to Gangnam N Tower. It is explained that the transfer decision was made as the company expanded due to the recent boom in the cryptocurrency market. Bithumb has shown interest in securing prime office spaces in Gangnam. The company has also participated in the acquisition bids for T412 (formerly Samsung Life Insurance Daechi 2 Building) and Koreatech Tower.
Gangnam N Tower, located in the Gangnam district (GBD), one of Seoul's core business areas, has 7 basement levels and 24 above-ground floors, with a total floor area of 51,126 square meters. Its floor area ratio is 39.52%, with a gross floor area ratio of 799.91%. Nearby are Gangnam Station and Yeoksam Station. Previously, in 2018, KB Real Estate Trust acquired Gangnam N Tower from Yeoksam PFV for a mid-400 billion won.