This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:38 p.m. on Jan. 30, 2026.
E-Mart Tower (Orange Center) in Sunhwa-dong, Seoul, is back on the market. BNK Financial Group, which was selected as the preferred bidder last year, withdrew its intention to acquire the property, citing funding uncertainty and market conditions. The sell-side plans to kick off the sale process in earnest, starting with pre-marketing.
According to the investment banking (IB) industry on the 30th, NH-Amundi Asset Management has begun the process to sell Orange Center in Sunhwa-dong, Jung-gu, Seoul. It has recently distributed an information memorandum (IM) mainly to financial investors (FI), including domestic and overseas asset managers. GenstarMate and Cushman & Wakefield Korea are advising on the sale.
Orange Center is a prime office building with six basement levels and 19 above-ground floors, totaling 34,172㎡ of gross floor area. Since 2022, after E-MART transferred its headquarters from Seongsu-dong, it has occupied most of the building. The lease runs through Feb. 2033, making it an asset that can secure a stable cash flow for about seven years. Accessibility to major subway stations such as Seoul Station (Lines 1 and 4, GTX-A), City Hall Station (Lines 1 and 2), and Chungjeongno Station (Lines 2 and 5) is also considered excellent.
This asset is an office building developed after M Tower Securitization Specialty Limited acquired land previously owned by Samsung Life Insurance in 2006 and developed it into offices. In 2013, Macquarie Real Estate Korea, a domestic real estate investment company of Australian investment bank Macquarie, acquired it for 156.5 billion won through a REIT established with funding from the National Pension Service. After ARA Korea Asset Management acquired Macquarie Korea, it also took over the REIT equity.
NH-Amundi Asset Management acquired Orange Center from ARA Korea Asset Management in 2020 for 24.38 million won per 3.3㎡, totaling 252 billion won. Given that recent transaction prices for large office buildings in the central business district (CBD) are in the low-to-mid 30 million won per 3.3㎡ range, analysis suggests a significant capital gain could be expected if the sale goes through.
In the bidding held last year, BNK Financial Group, NH Nonghyup REITs Management, Kiwoom Asset Management, and KB Real Estate Trust participated. While most bidders proposed prices in the low-to-mid 30 million won per 3.3㎡ range at the time, BNK Financial Group, which offered 35 million won or higher, was selected as the preferred bidder.
However, BNK Financial Group is said to have taken a conservative approach to acquiring E-Mart Tower as issues over selecting the next chair emerged internally. This followed opinions from key shareholders opposing the chair's consecutive term and pointing to performance lagging competitors. Structural changes such as shortening the investment period made it difficult to attract preferred stock investors, and the group ultimately gave up the acquisition.
An industry official said, "Interest from domestic managers has continued since talks with BNK fell through," adding, "Buyers who took part in the previous bid are highly likely to rejoin this sale process."