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[Alpha Biz=(Chicago) Reporter Kim Jisun] Mirae Asset Asset Management and developer IB Networks have decided not to trade in the office building "Eulji Finance Center (EFC)" in Jung-gu, Seoul. It has been five months since Mirae Asset Asset Management was selected as the preferred bidder in March.
IB Networks should look for buyers again at a time when high interest rates have dampened real estate buying sentiment. However, it is expected that the Seoul Prime Office investment market will recover in the second half of this year from the first half. In addition, the value of use is expected to increase significantly in the future as the floor space ratio and green area ratio of buildings will increase in line with the Seoul Metropolitan Government's policy.
According to the real estate industry on the 1st, Mirae Asset Asset Management and IB Networks recently terminated a memorandum of understanding (MOU) for the sale of the Eulji Finance Center (EFC), an office building in Jung-gu, Seoul.
MOU is a document that records what was agreed before the formal contract was signed. It is not legally binding, but there are provisions and options that must be included, and it can also be legally binding depending on the content of the document.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
