Samsung SRA Asset Management is pushing to sell The K Twin Tower in Gwanghwamun, Seoul.
According to the investment banking (IB) industry on the 3rd, Samsung SRA Asset Management recently sent a request for proposal (RFP) to major advisors to select a sell-side advisor for The K Twin Tower.
The K Twin Tower, located in Junghak-dong, Jongno-gu, Seoul, is a prime-grade office building with six basement levels and 16 above-ground floors and a total floor area of 83,878㎡. With an excellent location offering views of Gyeongbok Palace and high accessibility near Gwanghwamun Station (Line 5) and Anguk Station (Line 3), it is regarded as a core asset within the central business district (CBD).
The industry expects transactions to be concluded at 35 million won to the low 40 million won range per 3.3㎡ (pyeong). The total sale price is being discussed at over 900 billion won.
Completed in 2012, The K Twin Tower was acquired in 2014 by U.S.-based private equity fund (PEF) manager KKR, LIM Advisors, and the Korean Teachers' Credit Union at 19.7 million won per pyeong, for a total of 500 billion won. It was later purchased by Samsung SRA Asset Management for 700 billion won on the 2017.
Office prices in Seoul's CBD have been on a steady rise recently. Euljiro Pine Avenue Tower A, which is currently up for sale, is also said to be seeking more than 40 million won per pyeong. However, with office supply in the CBD expected to increase over the next few years, observers said it remains to be seen whether the sale will draw strong interest.