Real estate developer Mine42 acquired private equity fund (PEF) manager CL Asset Management with proceeds from the sale of its Gangnam building. The strategy is to add financial capabilities to real estate development and reemerge as an integrated asset management and developer group.
According to related industries on the 29th, Mine42 recently signed a contract to acquire a total of 90% equity in CL Asset Management, including 60% (300,000 shares) held by CEO Park Jin-seok and stakes from other investors. Mine42 will secure 50% equity to become the largest shareholder, and Yoo Su-jin, CEO of Mine42, will purchase an additional 40% in a personal capacity. The acquisition price will be funded by proceeds from the sale of the "Mine42 Building" in Sinsa-dong, Gangnam-gu, Seoul.
CL Asset Management, which Mine42 acquired, is a private manager established in 2020. Its main funds under management include: ▲ CL Multi General Private Investment Trust No. 1 ▲ CL Public Offering Stocks General Private Investment Trust No. 2 ▲ CL KOSDAQ Venture General Private Investment Trust No. 2 ▲ Discretionary Investment CL Alpha Pursuit ▲ CL Public Offering Stocks General Private Investment Trust No. 4.
As of the end of Mar., CL Asset Management's total assets were 3.9538 billion won and total liabilities were 161.6 million won. Total equity was 3.7922 billion won (capital stock 2.5 billion won).
A CL Asset Management official said, "On the 25th of this month, we signed a contract with Mine42 to secure 90% equity," and added, "We cannot disclose the size of the acquisition funds."