
Considering sale after 7 years of acquisition... Selection stage for management company for multiple advisors
Mirae Asset Global Investments is reviewing the sale of State Tower Namsan in Jung-gu, Seoul, which it acquired for 588.6 billion won in 2019, and has begun the process of selecting an underwriter.
AI-generated summary
Mirae Asset Global Investments acquired State Tower Namsan from the Abu Dhabi Investment Authority for 588.6 billion won in April 2019.
(Seoul = Yonhap News) Reporter Jeong Hoe-in = Mirae Asset Global Investments is selling State Tower Namsan, a large office in the Seoul CBD (CBD), seven years after acquiring it.
According to the investment banking (IB) industry on the 7th, Mirae Asset Global Investments is reportedly considering the possibility of selling State Tower Namsan.
We are currently in the early stages of selecting a sales manager among multiple real estate advisors, and the request for bid proposal (RFP) has not yet been distributed.
Mirae Asset Global Investments acquired this building from the Abu Dhabi Investment Authority (ADIA) for 588.6 billion won in April 2019. The transaction price at the time was approximately 29.12 million won per 3.3㎡, the highest price based on Seoul CBD office transactions.
It is interpreted that the recent recovery of the Myeong-dong commercial district thanks to the increase in foreign tourists and the increase in asset values as real estate transactions, including nearby hotels, became active, acted as a favorable environment for investment recovery.
State Tower Namsan, completed in 2011, is a representative prime office in the Myeong-dong and Hoehyeon areas, located in Toegye-ro, Jung-gu, Seoul. It has 6 floors underground and 24 floors above ground, with a total floor area of 66,799㎡.
It is located between Myeongdong Station and Hoehyeon Station on Subway Line 4, and major tenants include Korea Investment Corporation (KIC), global consulting firm Bain & Company, Pfizer Pharmaceuticals Korea, and BMW Korea.
In this sale process, the future of KIC, the main tenant, is also considered a variable. This is because the possibility of relocating KIC is being discussed in conjunction with recent discussions on relocating additional public institutions to regional areas.
Potential buyers are also expected to look into the relevant situation as the relocation of large tenants can affect future vacancy rates and rental income.
AI outlook — possibilities, not facts
Completed selection of management company for the sale of State Tower Namsan
Likely · Within weeks

Daegu City announced that it had delivered financial, tax, and housing policy tasks to normalize the local housing market to the Financial Services Commission, Ministry of Finance and Economy, and Ministry of Land, Infrastructure and Transport. Key suggestions include not applying stress DSR to local areas or maintaining the current level, further extending the special taxation period for unsold units, and increasing the purchase price of unsold units (up to 100%) after completion of LH local areas. In addition, it is said that additional proposals will be made to expand preferential interest rates for policy loans, prioritize local business sites for project financing guarantees, include second home tax special treatment in metropolitan cities, and exempt from recovery of excess profits from local reconstruction.

The Busan Urban Corporation announced that it would proceed with the subscription process for two households whose contracts were canceled in Block 18 of Eco Delta City Prugio Center Park and Block 19 of Eco Delta Center Point, Eco Delta City. Subscriptions will be accepted on the 19th and winners will be announced on the 22nd. If you are an adult living in Busan and do not own a home, you can apply regardless of whether you have a subscription account or not, and there are no resale restrictions.

The ceiling covering collapsed in a four-story building completed in 1994 in Gwaneum-dong, Buk-gu, Daegu, injuring 38 people during a product sales event for 66 seniors. The lack of mandatory structural inspection of small old buildings, which are not subject to statutory regular safety inspection obligations with a total floor area of 892㎡, was pointed out as a problem, and experts called for safety education for building owners and strengthening of the management system.

On the 8th, Minister of Land, Infrastructure and Transport Hong Ji-seon visited a private housing construction site in the Godeok Gangil district of Seoul and ordered rapid support for HUG's PF guarantee and expressed his intention to expand the supply of housing in the metropolitan area.

Hong Ji-seon, the Minister of Land, Infrastructure and Transport, announced during the National Assembly audit on the 7th that he promised to resolve factors hindering the speed of urban supply, provide incentives to fast-track businesses, actively mediate on-site conflicts and disputes, expand the amount of public housing land starts, promote housing stability plans, strengthen protection against lease fraud, prepare LH reform measures, realize local-led growth, strengthen safety management at construction sites, eradicate illegal subcontracting and non-payment of construction payments, and improve services through KORAIL-SR integration.

Over the past five years, 3,299 cases of violations of long-term repair reserves for apartment complexes have been detected, but only 408 fines have been imposed, and most of them ended with administrative guidance or corrective orders. Rep. Jo In-cheol called for the establishment of a permanent surveillance network.