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April 23, 2024

Mirae Asset picked as preferred bidder for State Tower Namsan

PUBLISHED : January 18, 2019 - 11:54

UPDATED : January 18, 2019 - 14:33

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[THE INVESTOR] Mirae Asset Global Investments was picked as the preferred bidder for State Tower Namsan in central Seoul, according to industry sources on Jan. 18

Mirae Asset headquarters in Seoul
Mirae Asset

Commercial real estate service providers JLL Korea and Cushman & Wakefield Korea chose the Mirae Asset unit, which reportedly placed a bid to buy the commercial building for 590 billion won (US$526.13 million). Mirae Asset did not confirm the figure.

With 67,000 square-meter ground-floor space, the 14-story building has six basement floors and houses companies such as BMW Korea, Korea Investment Corporation and BNP Paribas. Korean law firm Shin & Kim, one of the tenants there, is planning to move to D Tower in Jongno-gu, Seoul.

In December, 10 investors submitted bids for the deal, including Mirae Asset, Igis Asset Management and Capstone Asset Management.

This came more than three years after UAE’s sovereign wealth fund Abu Dhabi Investment Authority in 2015 bought the building in a 503 billion won deal, or 75.5 million won per square meter. 

State Tower Namsan

By Son Ji-hyoung (consnow@heraldcorp.com)

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