SK Group Pursues Acquisition of Jongno Tower... Eco-Friendly Business Affiliates to Move In

Jongno Tower located near Jonggak Station in Jongno-gu, Seoul

[Asia Economy Reporter Jeong Dong-hoon] SK Group is pushing to acquire 'Jongno Tower,' a landmark in northern Seoul.

According to the industry on the 7th, SK REITs Management, an asset management affiliate of SK Group, decided to exercise the right of first refusal (call option) for Jongno Tower, which is currently undergoing a sales process.

Previously, the current owner, KB Asset Management, conducted a bidding process for the sale of Jongno Tower and shortlisted preliminary acquisition candidates. To select the preferred negotiator, they inquired with SK REITs Management, which holds the right of first refusal, and reportedly received a response to exercise the right.

The acquisition price of Jongno Tower is currently estimated to be between 600 billion and 700 billion KRW.

An SK Group official said, "We have decided to exercise the right of first refusal we held for Jongno Tower," adding, "However, the timing and method of purchase have not yet been determined."

Earlier, six SK affiliates engaged in eco-friendly businesses?SK On, SK Geocentric, SK E&S, SK Energy, SK Ecoplant, and SK Forestry?began operations at Jongno Tower under the name Green Campus at the end of May. Green Campus is a place where SK Group has gathered the personnel and capabilities of related affiliates to strengthen its eco-friendly business.