A total of eight bidders have shown interest in the 'Centerpoint Gwanghwamun' bidding in Jongno District, Seoul.
According to the investment banking (IB) industry on the 30th, various institutions with different investment characteristics, including real estate funds, real estate investment trusts (REITs), strategic investors (SI), and private equity (PE), participated in the Centerpoint bidding conducted by Koramco REITs Management and Trust on the 29th. Koramco REITs Management and Trust plans to select a preferred bidder around mid-May.
Earlier, Koramco REITs Management and Trust sent a request for proposal (RFP) to major advisory firms on January 20 and selected Deloitte Anjin and the Al Square consortium as the sale's lead managers on February 26.
An industry official noted, "The fact that buyers with different investment purposes and operational methods gathered simultaneously demonstrates the investment value of Centerpoint Gwanghwamun," adding, "A positive signal has been sent for the sale's success."
Completed in August 2013, Centerpoint Gwanghwamun is a prime office building with 20 floors above ground and 7 basement levels, totaling 39,946 square meters. The price per 3.3 square meters is expected to be in the mid-30 million won range, and the total building price is estimated to be in the mid-400 billion won range. Located in the central business district (CBD) of Seoul, it is near Gwanghwamun Station on Line 5 and Gyeongbokgung Station on Line 3, with firms like Kim & Chang among its tenants.
Koramco REITs Management and Trust owns Centerpoint Gwanghwamun through the 'Cokreb No. 36 Trust Management Real Estate Investment Company (Cokreb No. 36 REITs).' Shareholders include the Government Employees Pension Fund, KT&G, and the Korea Tobacco and Ginseng Corporation. Ssangyong Engineering & Construction built the structure, and before its completion in 2012, Mastern Investment Management acquired it for 214 billion won. In 2016, Koramco REITs Management and Trust acquired the building from Mastern Investment Management for approximately 320 billion won.