This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:50 p.m. on Dec. 22, 2025.
Koramco REITs Management and Trust is speeding up the sale of Hana Securities' Yeouido headquarters building. Observers say the transaction could close in the first quarter of next year, as it completed a board resolution for the sale a week after Hana Securities exercised its call option, saying it wanted to reclaim the building. Koramco The One REIT, which holds the Hana Securities building, has surged to the high 8,000-won range recently on sale expectations, after trading below 5,000 won in the first half of this year.
According to the investment banking (IB) industry on the 22nd, Koramco The One REIT recently held a board meeting and unanimously approved the agenda to sell the Hana Securities Building. As early as within the year, it is likely to send a request for proposal (RFP) to real estate consultancies and accounting firms and proceed with a main bid early next year.
On the 12th, Hana Securities exercised a call option on the Hana Securities Building with Koramco The One REIT. The Hana Securities Building is a prime-grade office located on Uisadang-daero, Yeongdeungpo-gu, Seoul. It was completed with a total floor area of 69,826㎡ (about 21,122 pyeong), with five basement levels and 23 above-ground floors. Major tenants include Hana Securities and 3M Korea (3M). Hana Securities has a long-term lease through Dec. 2030, and 3M Korea through Apr. 2028.
Koramco REITs Management and Trust purchased the Yeouido headquarters from Hana Securities for about 500 billion won in 2015. Koramco The One REIT then listed on the Korea Exchange in 2022 based on this asset. In Dec. 2020, Hana Securities signed a lease and option contract with Koramco The One REIT, securing a right of first refusal and a call option, and decided to repurchase the building with about two weeks left before the exercise deadline.
The sale process will be conducted through an open auction. Once Koramco The One REIT selects a preferred bidder through the auction, Hana Securities can make a final decision on whether to buy at the higher of the preferred bidder's price and the appraisal value. As of September, the appraised value of the Hana Securities Building was about 713.6 billion won, equivalent to around 32 million won per pyeong (3.3㎡).
The market is betting that bids could come in above 32 million to 35 million won per pyeong. An industry official said, "In terms of location and scale, it has an advantage over recently transacted buildings such as Hyundai Motor Securities, Mirae Asset Securities' Yeouido headquarters, and Shinhan Investment Tower, and its development potential is high with possible floor area ratio increases, so the price could go higher." In the second quarter this year, the Hyundai Motor Securities building traded at 29 million won per pyeong, and at the end of last year, Mirae Asset Securities' Yeouido headquarters traded at 31.5 million won per pyeong.
Once the sale of the Hana Securities Building is completed, Koramco The One REIT is expected to distribute dividends to shareholders and proceed with liquidation.
Lee Hye-jin, an analyst at Daishin Securities Co., said, "If it transacts at 33 million won per pyeong, the liquidation value excluding sale fees is estimated at about 9,080 won per share, and under a 35 million won per pyeong assumption, it is expected to exceed 10,000 won per share." On the day, Koramco The One REIT closed at 8,640 won.