[Exclusive] 'Insurance King' Hyun Hak-jin Transforms into Gangnam 'Building King'... Acquires Former Ssanglip Building for 104.5 Billion Won

Hyunjin Group Completes Acquisition of Case Square Sadang for 104.5 Billion KRW
In May, Acquired Seolleung WeWork Tower for 147 Billion KRW

Hyunjin Group Co., Ltd., founded by former PeopleLife chairman Hyun Hak-jin, purchased 'K-Square Sadang (formerly Ssanglip Building)' located in Sadang-dong, Dongjak-gu, Seoul, for 104.5 billion KRW on the 24th.

This building is an office facility with a total floor area of 21,471㎡, consisting of 7 basement floors and 10 above-ground floors, housing major tenants such as Cheil Construction, Samsung Life Insurance, and Samsung Fire & Marine Insurance. The seller was Sadang Complex Development PFV.

This acquisition marks Hyunjin Group's second major transaction following the purchase of Seolleung WeWork Tower (total floor area 15,074㎡) located on Teheran-ro, Gangnam, from Shinhan REITs Management in May 2024 for 147 billion KRW. Through this, Hyunjin Group has secured office assets worth a total of 250 billion KRW.

Based on this, Hyunjin Group is further strengthening its position in the domestic real estate market.

K-Square Sadang is a building that former chairman Hyun Hak-jin leased and used as an office during his time operating PeopleLife. With this purchase, the group now directly owns and operates an asset it previously leased.

Case Square Sadang [Photo by HHR Asset Management]

Hyun Hak-jin, formerly of Samsung Life Insurance, founded PeopleLife, an independent insurance sales agency (GA) in Korea with about 4,000 insurance planners, and operated it for approximately 20 years before selling it to Hanwha Life Insurance last year. The sale price is reported to be around 200 billion KRW.

Hyunjin Group has set the development of this asset as its ultimate goal. The site, designated as a station area revitalization project, is being considered for a floor area ratio increase to over 800% to utilize it for mixed-use residential and office purposes. Specific development plans will be established in line with the expiration of current tenants' contracts.

Since acquiring Seolleung WeWork Tower, Hyunjin Group has continued successful operations and is gaining attention in the commercial real estate market by consecutively purchasing two office assets this year.

Domestically, the group is actively engaged in real estate development and leasing businesses, while in Vietnam, it is accelerating its global expansion by expanding its corporate insurance agency (GA) business through its subsidiary, Hyunjin Life.

Meanwhile, HHR Asset Management provided acquisition advisory services for the purchase of K-Square Sadang, offering comprehensive real estate acquisition consulting to Hyunjin Group, including asset valuation, negotiation of sale terms, and on-site asset support for corporate clients.

HHR Asset Management jointly conducted acquisition advisory with Cushman & Wakefield Korea during the previous Seolleung WeWork acquisition. As of September 2024, HHR Asset Management operates a total of 11 real estate funds, with assets under management totaling approximately 320 billion KRW.