Dunamu to Become Owner of 300 Billion KRW Building Near Samsung Station on Subway Line 2, a Prime Location

Near COEX and GBC

Dunamu, the operator of the virtual asset exchange Upbit, is becoming the building owner in the prime location near Samsung Station in Seoul.

The building is located within close proximity to COEX and Hyundai Motor's new headquarters, the Global Business Center (GBC), and has a book value of 300 billion KRW.

Seoul Gangnam-gu Upbit Lounge Electronic Display Board
Photo by Yonhap News

According to the virtual asset industry on the 17th, Dunamu signed a contract at the end of last month to purchase land and buildings located at 168-1, 168-2, and 168-20, Samseong-dong, Gangnam-gu, Seoul, from its special affiliate Capstone General Real Estate Private Equity Fund No. 4 Professional, for 303.7 billion KRW.

The land and buildings consist of the 5-story Youngbo and Youngbo 2 buildings, with a total floor area of approximately 6,000㎡.

This site is a prime location just 100 meters from Samsung Station on Subway Line 2, facing a 5-star hotel such as Park Hyatt, and is also close to Hyundai Motor's new headquarters site in Samseong-dong.

Formally, Dunamu is purchasing the land and buildings from Capstone General Real Estate Private Equity Fund No. 4 Professional, but in reality, it is analyzed that Dunamu directly acquired the real estate it had held in the form of a fund.

Since September 2021, Dunamu has invested a total of 333 billion KRW to own 100% of the shares of Capstone General Real Estate Private Equity Fund No. 4 Professional.

In the virtual asset industry, there is an interpretation that Dunamu is taking steps to directly utilize this land and buildings, such as relocating its headquarters.

A Dunamu official said, "The sale was Capstone Asset Management providing the most beneficial option to Dunamu, the beneficiary, amid difficult real estate market conditions," and added, "There has been no internal discussion regarding utilization plans such as relocating the headquarters."