This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:25 p.m. on Jul. 30, 2026.
Shinhan Bank has moved to sell the mixed-use cultural space "Shinhan Expace (Expace)" located in a prime spot in Myeong-dong, Seoul. It is seen as an effort to improve asset efficiency by securitizing noncore real estate while re-leasing some of the space.
According to the investment banking (IB) industry on the 30th, Shinhan Bank is pushing the sale of the Myeong-dong Shinhan Expace located in Chungmuro 2-ga, Jung District, Seoul. Unlike the usual approach of appointing an advisor to seek buyers, the bank plans to find a purchaser directly through an open competitive bidding process without a separate sell-side advisor. Shinhan Bank will receive bids until early next month and select as the preferred bidder the party that offers the highest price. The transaction price is expected to be set at around 140 billion won.
The asset for sale is Shinhan Expace, an office facility spanning two basement levels to seven above-ground floors with a total floor area of 4,191.09 square meters. In 2020, Shinhan Bank fully remodeled its former Myeong-dong Station branch and opened a mixed-use cultural space. Moving beyond a simple branch, it combines financial services with culture and exhibitions, and startup programs, serving as Shinhan Bank's flagship offline brand hub representing Myeong-dong. This was part of a strategy at the time to reorganize branch roles in response to changes in the digital finance environment and to strengthen customer experience and community functions.
Recently in the financial sector, there has been a steady stream of cases of selling real estate with low profitability or utility to improve capital efficiency. Woori Financial Group is pushing the sale of the Myeong-dong Woori Financial Digital Tower in Seoul, and ABL Life Insurance is working to sell the Yeouido ABL Tower. Hana Bank has also begun procedures to sell the lower floors of Yeoksam Heights in Gangnam District. As financial companies undergo digital transformation and change how they run branches, there is a growing trend of maintaining core sales functions while reorganizing real estate assets.
Shinhan Bank is likewise seen pursuing a plan to securitize owned real estate while maintaining its existing sales hub. The sale terms also include granting a right of first negotiation on a lease for the spaces currently in use. The industry views this as contemplating a sale and leaseback structure in which the bank sells the asset and then re-leases the space.
The asset sits in the heart of the Myeong-dong commercial district, giving it a location that can draw both tourists and domestic foot traffic. As inflows of foreign tourists recover, the Myeong-dong retail scene is regaining vitality, and sentiment toward investing in commercial real estate in the area is improving. The industry expects Myeong-dong Expace, a remodeled asset in a prime location immediately by Myeong-dong Station, to attract attention from institutional investors, especially if Shinhan Bank re-leases part of the space, given the potential for stable rental income.