Koramco Asset Trust Selected as Preferred Negotiation Partner for Gwanghwamun Crescendo Building

Koramco Asset Trust announced on the 25th that it has been selected as the preferred bidder for the sale of the Crescendo Building in Gwanghwamun, Seoul (formerly Kumho Art Hall).

The seller, DWS Asset Management (formerly Deutsche Asset Management), and Deloitte Anjin conducted a re-bidding process targeting three companies: Koramco Asset Trust, Shinhan REITs Management, and Samsung SRA Asset Management. Koramco Asset Trust was ultimately selected as the preferred bidder.

The Crescendo Building is a prime office building with 7 basement floors and 18 above-ground floors, a site area of 3,481.5㎡, and a total floor area of 54,672.3㎡. It was completed in 2000 by the Kumho Asiana Group and used as their headquarters. After Kumho Asiana Group acquired Daewoo Engineering & Construction in 2006, it was used as Daewoo E&C’s headquarters. In March 2009, it was sold to JR Asset Management for 240 billion KRW. In 2013, DWS Asset Management acquired it.

Kim & Chang Law Firm occupies the entire building, providing stable income prospects. Kim & Chang has a lease contract in place until 2029.

Kim Cheol-gyu, Head of REITs Investment Division at Koramco Asset Trust, said, "The Crescendo Building is a representative core asset in Gwanghwamun, allowing for stable operation after acquisition," adding, "Since we have regained a deal that previously fell through, we will strive to close the deal flawlessly as quickly as possible."

Koramco Asset Trust is a real estate specialized asset manager managing assets worth a total of 33 trillion KRW together with its subsidiary Koramco Asset Management. Last year, it acquired ‘Yeoksam Arc Place’ through a REIT and consecutively purchased ‘The Exchange Seoul’ and ‘Yeouido Nonghyup Capital Building’ through real estate funds.