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[Alpha Biz=(Chicago) Reporter Kim Jisun] Mirae Asset Global Investments put the Hi Investment & Securities Building (formerly KTB Building) in Yeouido, Seoul up for sale. It is an asset located in the core area of Yeouido.
According to the investment banking (IB) industry on the 17th, Mirae Asset Asset Management recently selected JLL and Cusimon & Wakefield as advisors to sell the Hi Investment & Securities Building through Mirae Asset Maps Frontier Real Estate Investment Trust No. 29. After distributing the teaser letter and investment statement (IM), the company plans to bid next month.
Hi Investment & Securities Building is used as the headquarters building of Hi Investment & Securities. It was an office asset acquired by Mirae Asset Management in 2011 with funds such as the National Pension Service, which failed to be sold once in 2020 ahead of the fund's maturity. At that time, when KTB Investment & Securities (currently Daol Investment & Securities) decided to relocate its headquarters, it withdrew the plan, believing that it would be difficult to get the right price due to massive vacancies.
The building, which used to be Hana Securities Building, was renamed the KTB Building in 2012 when KTB Investment & Securities used it as its headquarters building. Since then, KTB Securities has left and Hi Investment & Securities has been renamed Hi Investment & Securities Building. Hi Investment & Securities Building is a large office with 7 basement floors and 19 ground floors with a total floor area of 49,826㎡ (15,072 pyeong). It is located between Yeouido Park and Yeouido Transit Center and is a 5-minute walk from Yeouido Station on Subway Line 5 and 9. It is a key area of the Yeouido Business District (YBD).
The estimated sale price is expected to be around 400 billion won.
Sales are on the rise in Yeouido. Nearby Mirae Asset Securities also sent a request for bidding proposal (RFP) to its advisors to put its Yeouido office up for sale. This asset in YBD is used as Daewoo Securities building. The industry expects the estimated sale price to be around 300 billion won.
Brookfield is also seeking to sell the Conrad Seoul Hotel. Among the buildings of the International Financial Center (IFC), Conrad Seoul Hotel has decided to sell in installments and is reportedly looking for an advisor to the sale. The ransom is said to be around 500 billion won.
Brookfield Asset Management acquired the entire IFC Seoul, including IFC malls, office towers and hotels, for 2.55 trillion won from AIG Asset Management in 2016.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
