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GS Retail names 2 investment funds to co-own G Square

Collected: 2016.07.29

Distributed: 2016.08.01

Source: Go Direct

GS Retail Co., a retail unit of Korean conglomerate GS Group, has gained speed in the plan to sell spacious shopping center G Square located in Pyeongchon New Town, southwest of Gyeonggi Province.

According to the investment banking industry Thursday, the retail giant and its underwriter Deloitte Anjin LLC named IGIS Asset Management Co. and Mastern Investment Management Co. as preferred bidders for co-ownership in the property worth over 700 billion won ($624.4 million) The auction that drew 10 bidders closed on July 14.

IGIS Asset Management has been pleading funds from the National Pension Service and Singpore’s GIC. Mastern Investment Management plans to raise the fund through a real estate fund.

Opened in 2012, G Square houses prime offices, Lotte Department store, a multiplex movie theater and restaurants on a site of 236,688 square meters. The site is deemed lucrative investment as it is adjacent to Bumgye subway station and has been rented out to Lotte Shopping on a 15-year term.

By Song Gwang-sup

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