Hantosin Selected as Preferred Negotiator for Acquisition of Hyundai Marine & Fire Insurance Gangnam Building
[Asia Economy Reporter Yoo In-ho] Korea Land Trust announced on the 10th that it has been selected as the preferred bidder for the acquisition of Hyundai Marine & Fire Insurance Gangnam Building in Yeoksam-dong, Gangnam-gu, Seoul.
Korea Land Trust plans to purchase the building through a real estate investment trust (REITs). Along with recruiting investors such as lending institutions, it also plans to make direct investments. Hyundai Marine & Fire Insurance is promoting the sale of the building after 20 years since its completion to prepare for the new solvency regime (K-ICS).
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The building has 7 basement floors and 19 above-ground floors, with a total floor area of 34,983㎡. The sale price is known to be approximately 360 billion KRW.
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