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NH-Amundi to acquire Times Square buildings at $173 mn

Collected: 2016.06.22

Distributed: 2016.06.23

Source: Go Direct

A real estate fund created by affiliates of state-invested NH Financial Group is slated to acquire multipurpose Time Square buildings in Southwestern Seoul for 200 billion won ($173.1 million).

According to the investment banking industry Tuesday, Koramco REITs Management and Trust Co. and sale adviser Deloitte Anjin LLC put the buildings on an auction that pulled in seven bidders last month, and NH-Amuni Asset Management Co. was chosen as the preferred bidder for offering the highest bid.

NH-Amundi Asset Management consists of NongHyup Financial Group Inc. and Paris-based European SA.

The firm plans to carry out the buyout deal with a 202 billion won real estate fund created by its affiliates - NongHyup Bank, NH Investment & Securities Co., NongHyup Life Insurance Co., NongHyup Property & Casualty Insurance Co., NH Capital Co. - and the National Agricultural Cooperative Federation (NongHyup).

Times Square is a large comprehensive mall complex in Yeongdeungpo-gu established by textile maker Kyungbang Co. in 2009 at 600 billion won. It houses Shinsegae Department Store, big-box store, shopping mall, offices and a hotel.

Koramco REITs Management and Trust Co. put two office buildings (A and B) for sale, which it acquired in 2007 by forming Real Estate Investment Trusts (REITs) with institutional investors. It expects to profit 8.7 billion won from the resale.

Times Square Office buildings span over 39,000 square meters. The tower A is a five-storey building with 20 underground floors and B a five-storey building with 16 underground floors.

By Song Gwang-sup

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