Mirae Asset to sell entire stake in Real Estate 114
[THE INVESTOR] Mirae Asset Group plans to sell its entire 95.75 percent stake in Real Estate 114, Korea’s largest online realtor service provider, held by two of its affiliates, according to industry sources on Dec. 29.
Its subsidiaries Mirae Asset Capital and Mirae Asset Consulting are the two largest shareholders with 71.91 percent and 23.84 percent stake, respectively.
According to sources, Mirae Asset Capital is in talks with Hyundai Development Company to sell its stake for 70 billion won (US$653.65 million).
Mirae Asset Group acquired the online portal in 2008 to strengthen its real estate business. After the sell-off, Mirae Asset Capital reportedly plans to put more emphasis on its auto lease business.
“Real Estate 114 was a big and growing business, and Mirae Asset was able to attract as much data and influence from it as possible. Now it’s time to sell and focus on its core competence, and that is what the company appears to be doing,” said one financial source who declined to be identified.
As of June this year, Mirae Asset Consulting was the second-largest shareholder of Mirae Asset Group with a 32.92 percent stake, according to Financial Supervisory Service data. As of September, Mirae Asset Capital held a 9.98 percent stake in Mirae Asset Consulting.
By Alex Lee (firstname.lastname@example.org)