Koramco Sends MOU to Samsung SRA as Preferred Negotiator
Estimated Sale Price 1.1 Trillion Won
Samsung Fire & Marine Insurance's headquarters building is expected to return to Samsung's ownership. This comes six years after Samsung C&T sold it to Koramco Asset Trust in 2018.
According to the financial investment industry on the 16th, Koramco Asset Trust sent a memorandum of understanding (MOU) to Samsung SRA Asset Management to select a preferred negotiator for the sale of 'The Asset Gangnam,' located in 'Samsung Town' in Seocho-dong, Seoul.
Samsung SRA Asset Management, a real estate management subsidiary of Samsung Life Insurance, will become the preferred negotiator upon accepting this and paying the contract deposit.
The Asset Gangnam is currently Samsung Fire & Marine Insurance's leased headquarters building, Samsung Town Building B, and Samsung Fire & Marine Insurance is participating as a strategic investor (SI) in this transaction.
The building spans from 7 basement floors to 32 above-ground floors, with a total floor area of 81,117 square meters. The transaction price is known to be around 40 million KRW per 3.3 square meters, and the market estimates the sale price to be approximately 1.1 trillion KRW.
Koramco Asset Trust purchased The Asset Gangnam for about 750 billion KRW in 2018 and is now seeking to recover funds after about six years.
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