[At the Crossroads] Opticore ① Acquires Property for 13 Billion Won That Failed to Sell Even at 8.6 Billion Won

Put up for Public Auction in April, but No Successful Bidder After Eight Rounds
Where Did the 4.4 Billion Won Difference Go?
Spotlight on the Relationship Between G-Star Capital and Green Holdings

It has been confirmed that the real estate acquired by Opticore, a KOSDAQ-listed company, in July was put up for public auction just a few months prior. At that time, the property failed to sell in eight consecutive auctions, causing the bidding price to drop to 8.6 billion won, but no one placed a successful bid. Opticore later purchased the property for 13 billion won.

According to the Financial Supervisory Service's electronic disclosure system on September 5, Opticore announced on July 2 that it would acquire seven units on the second floor of the Cross 143 Tower near Gangnam Station in Seoul for 13 billion won. The stated purpose of the acquisition was to improve the work environment and generate rental income. The seller was Green Holdings.

This property was previously used as an office by IntroMedic, another KOSDAQ-listed company. IntroMedic received a disclaimer of opinion in its 2021 audit, resulting in a trading suspension, and was ultimately delisted in May 2025.

The real estate seller, Green Holdings, is affiliated with Kim Heejoon, who holds the largest shareholder stake in the IntroMedic consortium. The actual owner is known to be Kim Sangho. It was arranged so that the affiliated company, IntroMedic, would pay rent to Green Holdings. Green Holdings is a corporation in which Kim Sangho's family members are the largest shareholders and serve as the CEO.

Green Holdings purchased the property in 2019. Subsequently, it entered into a collateral trust agreement with Korea Trust and borrowed funds. However, Green Holdings was unable to repay the loan, leading Korea Trust to initiate a public auction in April 2025. The property failed to sell in eight auctions, with the final bid price dropping to 8.6 billion won, but there were no successful bidders.

As a result, Korea Trust proceeded with a private contract sale. It is presumed that Green Holdings entered into a preliminary contract with Korea Trust and simultaneously engaged in a separate transaction with Opticore.

According to the real estate registry, ownership of the property was transferred from Korea Trust to Green Holdings on July 31, and then from Green Holdings to Opticore on the same day. The transaction between Opticore and Green Holdings took place on July 2.

This means Green Holdings transferred the property to Opticore before the ownership was even registered in its own name. This suggests that Green Holdings only signed a contract with Korea Trust, received the transfer payment from Opticore, and then settled the remaining balance. In this process, there was a difference of 4.4 billion won between the minimum auction price and the transfer price.

This transaction is believed to have been possible because Opticore's largest shareholder and Kim Sangho had a longstanding financial relationship.

The largest shareholder of Opticore is Black Mountain Holdings. The sole largest shareholder of Black Mountain Holdings is CEO Yang Jisung, who operates G-Star Capital. G-Star Capital previously lent 1.3 billion won to Cross 143 Holdings, a company affiliated with Kim, and received IntroMedic shares, which had been pledged as collateral, in lieu of repayment.

CEO Yang Jisung stated, "We needed an office in Seoul and, after consideration, purchased Cross 143 Tower for 13 million won per pyeong based on an expert's opinion that it was below market value." He added, "I understand that the reason the property failed to sell at auction was due to occupancy rights and joint collateral issues." He further commented, "Kim Sangho is not a close associate, just an acquaintance."