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Biz News Korea(Eng)
Emerson Asset Management to buy Metro Power near Seoul Station
- Collected
- 2016.12.13
- Distributed
- 2016.12.14
- Source
- Go Direct
Metro Power Building
According to sources on Monday, Vestas Investment Management Co., the Korean building owner, recently chose Emerson Asset Management as a preferred negotiator. The sale price was known to command some 21 million won per 3.3 square meter. Emerson Asset Management and Vestas Investment Management are due to complete the transaction by early next year after negotiations. The deal adviser is Samjeong KPMG.
Emerson Asset Management is a property management company established by Emerson Pacific in May and is headed by Kim Tae-hyung, who earned fame at Standard Chartered Private Equity. Emerson Pacific is operating two resort properties and four golf links across the country and is seeking to set up a joint venture with a Chinese property developer for business expansion overseas.
Metro Tower built in 1970 has a space of 39,900 square meters with 20 office floors. It was used as GS E&C’s headquarters and current tenants include Allianz Korea and Lotte Insurance. It is a Grade A commercial building with little vacancy due to its proximity to Seoul Station and well equipped with a wide range of facilities.
In 2013, U.S. investor Angelo, Gordon & Co. joined hands with Vestas Investment Management to buy the building for 170 billion won after GS E&C moved to another place.
By Song Gwang-sup
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