Singapore Investment Corporation (GIC) selected MoneyToday Group, a media company, as the preferred bidder for the mid-sized office building "Premier Place" in Gwanghwamun, Seoul.
According to the investment banking (IB) industry on the 26th, GIC finalized MoneyToday Group as the preferred bidder for Premier Place. MoneyToday Group's acquisition offer price is reported to be in the low 30 million won per 3.3㎡, around 160 billion won.
Premier Place is a prime office building located at the entrance to Cheonggyecheon in the central business district (CBD) of Seoul. Built in 1992, it has five basement levels and 15 above-ground floors. The gross floor area totals about 16,442㎡ (4,974 pyeong). Adjacent to major business districts such as Gyeongbokgung and Gwanghwamun, and near cultural and leisure spaces like Cheonggye Plaza, it is considered an asset with heavy foot traffic.
Premier Place maintains a 100% occupancy rate for its office and retail lease areas. The Seoul Metropolitan Government uses 64.3% of the office space, and Eugene Investment & Securities, Heung-A Shipping, and Hanil Networks lease the remaining floors. The retail space is composed of Cafe Terarosa, 7-Eleven, Frisbee, and a restaurant zone. With high-quality tenants secured, it is assessed to be capable of generating stable rental income.
A total of 13 bidders participated in the main bidding held on the 22nd of last month. Of these, about half—eight firms—made the first shortlist, and MoneyToday Group, Koramco Asset Management, and the Correctional Mutual Aid Association, which advanced to the second shortlist, were said to have engaged in fierce competition until the end.
MoneyToday Group is expected to gather its affiliates scattered around Gwanghwamun and use the building as an integrated headquarters. Major affiliates such as Newsis, MoneyToday Broadcasting (MTN), and the Bell are currently leasing separate offices.
GIC made a full-fledged entry into the Korean market by acquiring the Seoul Finance Center (SFC) in 2000, right after the foreign exchange crisis. It then additionally purchased TES, Premier Place, and the NIA Building adjacent to SFC, and pursued a large-scale development project to connect the underground spaces of the four buildings. However, as integrated development fell through due to building regulations, it has recently been disposing of its held assets one by one.