This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:16 p.m. on Jul. 22, 2026.
IGIS Asset Management has begun work to sell the Taepyeong-ro Building in Jung District, Seoul. The Taepyeong-ro Building is a core office asset in the central business district (CBD) owned by the listed REIT IGIS Value Plus REIT(334890). The sale is seen as a strategic move to diversify an office-focused portfolio and secure new investment capital for data centers and logistics centers.
On the 22nd, according to the investment banking (IB) industry, IGIS Asset Management distributed an information memorandum (IM) for the sale of the Taepyeong-ro Building that day, kicking off the formal sale process. Deloitte Anjin and Samsung Securities were selected as sell-side advisors. The sell side was said to have distributed the IM to strategic investors (SI) with relocation or expansion demand in the Gwanghwamun and City Hall areas, as well as to domestic and overseas institutional investors and foreign alternative investment managers.
The industry views this sale as part of IGIS Value Plus REIT's portfolio reorganization strategy. Because most of the REIT's assets are concentrated in offices, and especially in CBD offices, the plan is to secure capital for investments in alternative sectors such as data centers and logistics centers through the sale of the Taepyeong-ro Building. It is also said to be considering new investments using a joint venture (JV) structure and diversifying by submarket.
The Taepyeong-ro Building is a prime-grade office asset adjacent to Seoul Subway Lines 1 and 2's City Hall Station. Twenty-nine tenants, including Samsung Life Insurance, Lotte Card, CJ Logistics, and Industrial and Commercial Bank of China (ICBC), occupy the building. The occupancy rate is 100%, and the weighted average lease expiry (WALE) is about 2 years and 6 months. In particular, by concentrating major lease expirations in 2029–2030, the structure is seen as favorable for end users such as financial companies and large corporations pursuing headquarters relocation or the consolidation of office facilities to secure space in stages.
IGIS Asset Management first bought the Taepyeong-ro Building for about 230 billion won in Jan. 2017 through the "IGIS No. 97 Fund." IGIS Value Plus REIT later acquired the fund's equity and included the asset in the REIT. The total investment size, including borrowing fund, is about 302.5 billion won.
The appraised value of the Taepyeong-ro Building is understood to be 456.4 billion won. Considering the appraisal, location, and leasing status, the market has raised the possibility that the sale price could be set at around 500 billion won.
Foreign investors are also said to be showing considerable interest. With the recent rise in the won-dollar exchange rate, the dollar-based price burden of domestic office assets has eased for overseas investors, and the scarcity of large core office properties available for transaction in the Gwanghwamun and City Hall areas is cited as an investment attraction.