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Hana Financial Group pushes for sale of headquarters building of former KEB

Collected: 2016.08.14

Distributed: 2016.08.16

Source: Go Direct

South Korea’s Hana Financial Group has embarked on sale of the headquarters building of former Korea Exchange Bank (KEB) located in Euljiro, downtown Seoul. The building is located in one of the busiest streets in Seoul, sitting opposite of Lotte Department Store, and could fetch about 1 trillion won ($905 million).

According to the investment banking industry on Friday, the financial group has recently selected Samjong KPMG as the sale agency. They are expected to sign a contract within next week and iron out the details in negotiations. The seller said that it plans to select a preferred bidder as soon as possible within this year.

Located in Euljiro 2-ga, Jung-gu, Seoul, the headquarters building of former KEB has 24 floors and 3 underground floors with 74,750 square meters in total floor area. Market observers predict that the building would fetch a whopping 1 trillion won.

“As the sale price is high, a deal would be signed on condition of redevelopment after the purchase,” said an official of the real estate investment industry. He added that many investors have considered that to buy the building.

This year, Hana Financial Group has pushed for sales of unused real estate to help its cash flow. The group put several buildings or floors including a trading building in Yongin, Gyeonggi-do, up for sale. The group has also considered selling the headquarters building of KEB Hana Bank scheduled to be completed in June next year in the form of sales and leaseback where it leases back the asset from the purchaser, guaranteeing rent.

By Song Gwang-sup

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