Taeyoung Construction Sells Gyeongju Lunaex Golf Course

Taeyoung Construction has sold the Lunaex Golf Course in Gyeongju, Gyeongbuk.

[Image source=Yonhap News]

On the 18th, Taeyoung Construction announced through a public disclosure that it had signed a contract to sell the Lunaex Golf Course to Autronic, an automobile parts manufacturer.

The company stated, "The disposal amount is approximately 195.6 billion KRW, and the scheduled disposal date is October 25," adding, "This may be subject to some changes depending on consultations with the counterparty." The Lunaex Golf Course has a total of 24 holes and was built in 2021. Taeyoung Construction holds 100% of the shares, and the group affiliate Blue One has been managing its operations.

Taeyoung Construction, which entered workout earlier this year, is accelerating asset sales to secure liquidity. Last month, it sold its office building in Yeouido, Seoul, to SK D&D for 225.1 billion KRW. After selling the building, Taeyoung Construction plans to continue using it through a sale and leaseback arrangement.

At the group level, it sold all shares of Ecobit, a waste disposal company co-owned with the global private equity firm Kohlberg Kravis Roberts (KKR), to the IMM consortium for 2.07 trillion KRW. Additionally, it sold the golf course Dianus CC owned by Blue One, along with its affiliated condos and water park, to the Gangdong Group for around 300 billion KRW.