September 21, 2020

Hana Alternative Asset to acquire Booyoung’s building in Seoul

PUBLISHED : December 11, 2018 - 14:16

UPDATED : December 11, 2018 - 14:19

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • 트위터
  • sms

[THE INVESTOR] Hana Alternative Asset Management, the real estate management arm of Hana Financial Group, is likely to buy a pricey commercial property owned by Booyoung Group in Euljiro, central Seoul, according to sources on Dec. 11. 

Hana reportedly signed a memorandum of understanding last week to acquire Booyoung Eulji Building, worth over 480 billion won (US$425 million). The deal is expected to be closed in January. 

In May, Booyoung had put up for sale its prized property asset, the former headquarters of Samsung & Marine Insurance that it acquired a year ago for 438 billion won, to secure cash amid losses while the chairman was facing a corruption trial. 

The 21-story property broke the record as the most expensive office building in Seoul last year, at 8.03 million won (US$7,116) per square meter. 

IGIS Asset Management was selected as the preferred bidder in September, but failed to secure investors due to the high vacancy rate. 

Last year, Booyoung, which grew on the back of securing state-run projects, suffered 155.5 billion won operating loss in its flagship housing and construction business for the first time since 2011. Chairman Lee Joong-geun in November was sentenced to five-year imprisonment and a 100 million won fine for embezzlement and breach of trust.

By Ahn Sung-mi (

  • 페이스북
  • 트위터
  • sms
Herald Corporation|CEO : Kwon Chung Won
Publisher. Editor : Kwon Chung Won
Chief Privacy Officer & Juvenile Protection Manager : Yang Sung-jin
Title : The Investor|Date of registration : 2015.04.28
Company Registration No. 104-81-06004
Mail-Order Business Registration 2016 - Seoul Yongsan - 00590
Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea
T : +82-2-727-0114|Business info
Gov’t registration No. Seoul 아04099