DL, the holding company of DL Group, announced on the 15th that it has completed the sale of 'D Tower Donuimun' in Pyeong-dong, Jongno-gu, Seoul.
It has been five months since Master Investment Management, a real estate specialized asset management company, selected NH Nonghyup REITs Management as the preferred negotiation partner in July. The sale amount reached 895.3 billion KRW, significantly exceeding 34 million KRW per 3.3㎡. This is the second-largest commercial real estate transaction this year after The Asset, the Samsung Fire & Marine Insurance headquarters building, which was sold for 1.1042 trillion KRW.
D Tower Donuimun is an office building located near Seodaemun Station on Subway Line 5. It has 7 basement floors and 26 above-ground floors, with a total floor area of 86,224㎡ (approximately 26,000 pyeong), and is used as the headquarters of DL Group. Master Investment Management formed a fund in 2020 and purchased the building for 660 billion KRW, realizing a profit of about 240 billion KRW from this sale. Including rental income during the holding period, it is estimated to have achieved an annual return rate of over 20%.
DL, a major investor, will receive approximately 130 billion KRW from the sale through this transaction. Considering the operating profit of 121.4 billion KRW on a consolidated basis for the third quarter of this year, this amount corresponds to the cash equivalent of one quarter's operating profit.
A DL representative said, "As a developer, it is meaningful to have successfully secured, managed, and sold prime real estate," adding, "In an uncertain economic environment, asset optimization has significantly enhanced cash liquidity."
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