Shinsegae Property strongly pushed back against IGIS Asset Management's push to sell "Centerfield." It also said it would pursue legal action. Centerfield consists of two towers with 35 and 36 floors above ground, built on the former Renaissance Hotel site on Teheran-ro in Gangnam.
On the 15th, Shinsegae Property said in a statement, "IGIS Asset Management is forcibly pushing ahead without proper grounds with the sale of Centerfield, the core asset of the 'IGIS No. 210 Professional Investor Private Real Estate Investment Company' it manages," adding, "This is highly inappropriate in terms of investor protection."
Shinsegae Property's position is that IGIS Asset Management failed to fulfill a manager's duty to prioritize investor interests. It also noted that, despite a lack of reasonable grounds for the sudden sale attempt, the sale is being unilaterally pushed ahead without an explanation that investors could accept.
A Shinsegae Property official said, "We have not considered selling Centerfield, nor have we agreed to the manager's decision to sell," adding, "If the unilateral sale push continues, we will review all possible legal actions as an investor."
Through Capstone APAC Professional Investor Private Investment Trust No. 2, Shinsegae Property invested a total of 554.8 billion won including equity in the "IGIS No. 210 Professional Investor Private Real Estate Investment Company" managed by IGIS Asset Management, and holds 48.4% equity in Centerfield.