With the sale of management rights for IGIS Asset Management, Korea's largest real estate management company, underway, DAISHIN SECURITIES and Hanwha Life have reportedly joined the bidding.
According to the investment banking (IB) industry on the 13th, the management rights sale preliminary bidding conducted that day by Morgan Stanley and Goldman Sachs, the sale managers for IGIS Asset Management, included DAISHIN SECURITIES and Hanwha Life. They aim to complete the sale within the year.
The stake that is up for sale now exceeds about 60%, including the largest shareholder, Ms. Son Hwa-ja, the spouse of the late founder Kim Dae-young (holding 12.4%). As of the end of last year, the major shareholders of IGIS Asset Management were ▲ GF Investment (9.90%) ▲ DAISHIN SECURITIES (9.13%) ▲ Wooyoung Global (9.08%) ▲ Geumsung Baekjo Housing (8.59%) ▲ Hyundai Motor Securities (6.59%) ▲ KOREIT (5.31%) ▲ TAEYOUNG E&C (5.17%).
Earlier, in early last month, IGIS Asset Management distributed a teaser letter through its underwriter. It is reported that around 20 domestic financial holding company affiliates and asset management firms received it.
Launched in 2010 as PS Asset Management and renamed to its current name in 2012, IGIS Asset Management has a total real estate fund management scale (AUM) of 66 trillion won.