Mastern Asset Management, a specialized alternative investment asset management company, announced on the 4th that it has completed the sale of 'Gangnam Finance Plaza (GFP)' to Gravity Asset Management.
Mastern Asset Management selected Gravity Asset Management as the preferred negotiator at the end of November 2024 and finalized the sale at the end of February. The transaction amount was approximately 280 billion won, equating to about 38 million won per 3.3 square meters.
Gangnam Finance Plaza, located at 419 Teheran-ro, Gangnam-gu, Seoul, consists of 6 underground floors and 20 above-ground floors. The total floor area is approximately 24,179.5 square meters, with a site area of 1,762.4 square meters. Completed in 1994, this building has undergone equipment replacements, lobby remodeling, complete elevator upgrades, and restroom renovations in the last 10 years.
This building is an office located in the core area of the Gangnam Business District (GBD) and is a 3-minute walk from Seolleung Station, where Seoul Subway Line 2 and the Shinbundang Line intersect. Additionally, it is directly adjacent to Teheran-ro, which enhances vehicle accessibility.
Namgoong Hoon, CEO of Mastern Asset Management, noted, "By successfully selling Gangnam Finance Plaza, which is located in the core area of the Gangnam Business District, we were able to provide stable revenue to our investors" and added, "We will continue strategic management that implements optimal operation and recovery strategies for investment assets based on the analysis of macroeconomic indicators and real estate market cycles."