Maston Investment Management Accelerates Sale of 'Centerpoint West' in Sindorim

[Asia Economy Reporter Minji Lee] Maston Investment Management plans to accelerate the sale of 'Centerpoint West (formerly Seobu Financial Center)' located in Guro-dong, Guro-gu, Seoul.

Centerpoint West Building / Photo by Mastern Investment Management

According to Maston Investment Management on the 26th, last month they selected a consortium of Samjong KPMG and Paulstman & Co Asia as the sales lead managers and have been distributing the Information Memorandum (IM) to potential buyers. The bidding is scheduled to take place in mid-November.

Completed in December 2007, Centerpoint West is a prime-grade office building with 7 basement floors and 40 above-ground floors, totaling approximately 95,000 square meters (about 28,000 pyeong) of gross floor area. It consists of a retail building (Technomart) and an office building, with Maston Investment Management owning the office building from basement level 1 to the 40th floor above ground. Basement 1 and the 10th floor above ground are retail facilities, while the rest are office spaces.

Centerpoint West is the tallest building in the southwestern Sindorim area of Seoul. It boasts an office location with ultra-wide transportation connectivity, and recently the Sindorim and Yeongdeungpo areas have been gaining attention as emerging business districts formed alongside prime-grade offices such as Times Square, Young City, and D-Cube City.

It secures independence by being separated from the retail building through connecting corridors and independent entrances, and features an open lobby space spanning two floors (1st and 2nd floors above ground). Internally, the office has a floor plan that facilitates easy division of units according to tenant size when attracting multiple tenants, and boasts an excellent working environment with pleasant views and generous ceiling heights.

Major tenants include Samsung Card, Woori Card, Samsung Fire & Marine Insurance, Kyobo Life Insurance, and Hanwha Life Insurance. Most tenants are subsidiaries of large corporations with high credit ratings or reputable financial and insurance companies.

Furthermore, considering that large-scale transactions have been continuously taking place in this area, including Times Square, Young City, and D-Cube City from the end of last year through the third quarter of this year, Centerpoint West is expected to continue its successful sale.

Jae-gil Lee, Executive Director and Head of Alternative Investment Management 1 at Maston Investment Management, said, "We expect the deal closing to take place in the first quarter of next year," adding, "As a landmark in the Sindorim area, it will be an investment product with stable dividends due to steady rental demand."

Meanwhile, Maston Investment Management purchased the then Seobu Financial Center from Shinhan BNP Paribas Asset Management for about 320 billion KRW at the end of 2017 and later renamed it Centerpoint West.

This content was produced with the assistance of AI translation services.