This article was displayed on the ChosunBiz MoneyMove (MM) website at 4:12 p.m. on Jan. 16, 2026.
IGIS Asset Management is pushing to sell "Yeoksam Centerfield," a core office asset in Seoul's Gangnam, setting up an unprecedented clash with key investor Shinsegae Property. IGIS Asset Management says it will proceed with the sale as scheduled, citing the general partner (GP)'s inherent authority, while Shinsegae Property is strongly opposing what it calls a unilateral decision by the manager.
According to the investment banking (IB) industry on the 16th, IGIS Asset Management recently sent out a request for proposal (RFP) for the sale of Yeoksam Centerfield. The RFP was reportedly shared only with foreign real estate consulting firms on a limited basis. IGIS Asset Management plans to select an advisor this month, start preliminary marketing, conduct a preliminary bid in the first half, and complete the sale before the fund matures. The fund holding Yeoksam Centerfield matures on Oct. 8.
Shinsegae Property, a fund investor, opposes the sale. Yeoksam Centerfield generates stable dividend revenue and is a high-quality asset expected to appreciate in value, so the company believes it should be held long term. In a statement the previous day, Shinsegae Property said, "The sale of the Centerfield asset is IGIS Asset Management's unilateral behavior," adding, "We have never considered selling Centerfield, and if the unilateral push for a sale continues, we will consider all options, including legal action."
Behind Shinsegae Property's opposition is that Yeoksam Centerfield is a key revenue source. Shinsegae Property invests in the fund owning Centerfield through "Capstone APAC Professional Investor Private Investment Trust No. 2," which posted a net profit of 51.8 billion won last year. That is about 65% of Shinsegae Property's total net profit of 79.7 billion won. With revenue from Yeoksam Centerfield serving as funding for additional investments, there are concerns that this structure could be shaken if the asset is sold.
The National Pension Service, one of the major investors, shares Shinsegae Property's stance. A National Pension Service Fund Management Headquarters official said, "As a rule, the fund does not comment officially on individual investments," but added, "If Shinsegae wants to retain the asset rather than sell, we share the same view." The Yeoksam Centerfield fund equity is held about 49.7% each by the National Pension Service and Shinsegae Property.
IGIS Asset Management, on the other hand, stresses that selling Centerfield is a normal process based on the manager's independent judgment. The logic is that under the Financial Investment Services and Capital Markets Act, a manager has a duty to manage assets independently without taking instructions from investors. Article 87 of the Enforcement Decree of the act defines "a collective investment business entity managing collective investment property by receiving orders, directions, or requests from investors" as an unsound business practice. The Financial Services Commission has also interpreted that, in principle, actions other than simple consultations can fall under orders, directions, or requests.
The two sides offer opposing interpretations of the duty of care. IGIS Asset Management says fulfilling the duty of care means maximizing revenue before the fund matures and selling the asset to return cash to investors. Shinsegae Property counters that the manager must prioritize investors' interests and argues that pushing ahead with a sale despite opposition from major investors violates the duty of care.
If the sale is also halted without an extension of the fund's maturity, an event of default (EOD) could occur on the borrowing fund. That could set the stage for replacing the fund manager. For this reason, the industry says extending the fund maturity once more appears to be the practical solution. With the fund nearing maturity, if investors oppose selling the asset, extending the maturity is the only option.
IGIS Asset Management is also said to support extending the maturity itself. However, Shinsegae said, "We can discuss a maturity extension only after the sale process is halted and the trust relationship is restored."
An industry official said, "The manager is pushing for a sale before the fund matures in line with principles, while investors are opposing the sale to hold the asset long term," adding, "There seems to be no satisfactory option for both sides other than extending the fund maturity."