Maston Investment Management Sells 'Centerpoint Gangnam' to F&F

Masterton Investment Management, a specialist alternative investment asset management company, announced on the 29th that it has finalized the sale of 'Centerpoint Gangnam,' a newly constructed office building in the Gangnam area, to F&F, a leading domestic fashion company.

This deal was achieved about two months after F&F was selected as the preferred negotiation partner in October. The sale price is approximately 343.6 billion KRW, which amounts to about 42 million KRW per 3.3㎡. Centerpoint Gangnam, located at Teheran-ro 8-gil, Gangnam-gu, Seoul, is an office building with 6 basement floors and 14 above-ground floors, a total floor area of about 27,000㎡, and a land area of approximately 2,200㎡. It is scheduled to be completed in the second half of 2024.

Masterton Investment Management timed the sale optimally, considering the market trend where major domestic companies actively acquire offices as strategic investors (SI) for business expansion and establishing headquarters. Recognizing that SIs purchasing offices for headquarters purposes want to design internal spaces according to their corporate culture and management philosophy, the asset was sold before interior construction began.

This deal marks the last contract of the year, concluded amid ongoing uncertainties in the domestic commercial real estate market due to the persistent 'three highs' (high interest rates, high inflation, and high exchange rates). The strategic move to engage in the deal was effective by capturing the relatively solid fundamentals of domestic office assets amid instability in overseas real estate markets and the growing influence of SIs.

Despite the challenging market environment this year, Masterton Investment Management, as a major alternative investment asset manager, has successfully closed several significant deals. These include the sale of Centerpoint Gangnam, acquisition of the Concordian Building (formerly Kumho Asiana headquarters), a trophy asset in the Central Business District (CBD), purchase of Musinsa Campus N1, and pre-acquisition of an office in Seongsu-dong 2-ga.

Kim Dae-hyung, CEO of Masterton Investment Management, said, “We are honored to close the year with an office transaction that embodies the essence of our strength in development projects.” He added, “Going forward, Masterton Investment Management will do its utmost to devise various investment strategies to overcome difficult domestic and international market conditions, maximizing investor profits and stakeholder satisfaction.”