BNK Asset Management, an affiliate of BNK Financial Group, will acquire the Hyundai Motor Securities building located in the Yeouido securities district.
According to the investment banking (IB) industry on the 21st, Koramco Asset Management notified via email that it had selected BNK Asset Management as the preliminary preferred negotiation partner for the sale of the Hyundai Motor Securities building in Yeouido, Yeongdeungpo District, Seoul, this morning.
The reason that BNK Asset Management is the 'preliminary' preferred negotiation partner is that the tenant, Hyundai Motor Securities, has the right of first refusal. If Hyundai Motor Securities does not exercise its call option, BNK becomes the next negotiation target for the sale.
Completed in 1994, the Hyundai Motor Securities building is located on International Financial Road in the Yeouido central business district (YBD) of Seoul's Yeongdeungpo District. It covers a site area of 3,176 square meters, with a total floor area of approximately 40,439.98 square meters over six to 20 floors. Major tenants include Hyundai Motor Securities, Shinhan Fund Partners, and Starbucks. The total sale price is reported to be in the mid-300 billion won range.
Koramco Asset Management purchased the Hyundai Motor Securities building for about 266 billion won in 2020. At the end of last year, it selected Avison Young Korea, S-1, and KPMG Consortium as the sale's lead manager and has been pushing for the sale. In an auction held on the 14th, about 10 prospective buyers emerged, and BNK Asset Management, KB Asset Management, and Eden Asset Management were selected as the short list of qualified acquirers.