Kyobo AIM Asset Management has been selected as the preferred bidder for the sale of the 'Centerpoint Gwanghwamun' in Jongno District, Seoul, where Kim & Chang is located.
According to investment banking (IB) industry sources on the 15th, Koramco REITs Management and Trust has chosen Kyobo AIM Asset Management as the preferred bidder for the sale of Centerpoint Gwanghwamun.
Earlier, Koramco REITs Management and Trust sent out a request for proposal (RFP) to major advisory firms on January 20 and selected Deloitte Anjin and Al Square Consortium as the sale's lead managers on February 26.
On April 29, a bidding process was held, with eight institutions with various investment profiles, including real estate funds, real estate investment trusts (REITs), strategic investors (SI), and private equity (PE), participating.
Koramco REITs Management and Trust shortlisted five candidates, including Kyobo AIM Asset Management and Samsung SRA Asset Management, conducted interviews, and ultimately chose Kyobo AIM Asset Management.
Completed in August 2013, Centerpoint Gwanghwamun is a prime office building with 20 floors above ground and 7 floors below, covering a total floor area of 39,946 square meters. The price per 3.3 square meters is expected to be in the mid-30 million won range, while the total building price is estimated to be in the mid-400 billion won range. It is located in the central business district (CBD) of Seoul, with Gwanghwamun Station on Line 5 and Gyeongbokgung Station on Line 3 nearby, and houses tenants including Kim & Chang.
Koramco REITs Management and Trust holds Centerpoint Gwanghwamun through 'Kocref No. 36 Trust Management Real Estate Investment Company (Kocref No. 36 REITs)'. Shareholders include the Government Employees Pension Fund, KT&G, and the Tobacco and Ginseng Corporation. Ssangyong Engineering & Construction was the contractor, and before its completion, Maston Investment Management acquired it for 214 billion won in 2012. Koramco REITs Management and Trust acquired the building from Maston Investment Management for approximately 320 billion won in 2016.