This article was published on July 2, 2025, at 2:26 p.m. on the ChosunBiz MoneyMove site.
The 'Case Square Hongdae,' located in front of exit 2 at Hongdae Station in Mapo District, Seoul, has been put up for sale.
On the 2nd, according to the investment banking (IB) industry, Koramco REITs Management and Trust recently sent a request for proposal (RFP) to real estate sale advisory firms to select a brokerage for the sale of Case Square Hongdae. Koramco REITs Management plans to finalize submissions next week and aims to select a seller by the end of this month. The goal is to close the deal within the year.
This building is a 12-story structure with 3 basement levels, located at 161 Yanghwa-ro in Mapo District, Seoul, with a total floor area of approximately 10,771 square meters. Koramco REITs Management has designated six floors from the basement second to the fourth floor as retail commercial space, while the remaining floors are operated as office space.
Koramco REITs Management purchased the modern headquarters of Hyundai Card and Capital for about 61 billion won from Hyundai Life Insurance (currently Fubon Hyundai Life) in January 2016. This acquisition was made through the real estate investment company (REITs) 'Koramco Value Investment No. 4-3', established for the purpose of the building acquisition. This REIT is composed of shareholders including National Bank, Koramco Value Investment No. 4 Trust Management Real Estate Investment Company, and KYUNGBANG.
According to the audit report for the 20th term released on June 26, this REIT's net income for the current year (November 1, 2024, to April 30, 2025) is 774,967,052 won, an increase of approximately 2.46% compared to the previous year (756,379,609 won). Consequently, the dividends per share increased from 1,049 won to 1,065 won.
In the market, considering that the nearby Mercure Ambassador Hotel was recently traded at around 50 million won per pyeong, it is expected that the sale price will be formed at around 40 million won per pyeong. An industry insider noted, "I understand that the asset value has increased significantly compared to the purchase price after undergoing comprehensive remodeling in 2017 and a second remodeling in 2023."