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Biz News Korea(Eng)
Booyoung likely buy Samsung Fire & Marine headquarters building in downtown Seoul
- Collected
- 2016.08.24
- Distributed
- 2016.08.25
- Source
- Go Direct
According to sources on Tuesday, Samsung Fire & Marine Insurance selected Booyoung Group as a preferred negotiator. The two will sign a memorandum of understanding sometime in September. The deal is valued at between 400 billion won and 450 billion won ($400 million), sources said. The building put on sale attracted applications from Shinhan Card, Anbang Insurance (Tongyang Asset Management) and IGIS Asset Management in addition to Booyoung.
The building’s total floor areas reach 54,653 square meters with six underground floors and 21 ground floors.
Booyoung was regarded as a dark horse. It had a track record of surprising analysts by purchasing Samsung Life Insurance’s Taepyung-ro headquarter building for more than 500 billion won last January. Attention was paid to who would be the new owner of the building that was cherished by Samsung Group founder Lee Byung-chul.
By Lee Seung-hoon and Park Joon-hyung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]