Shinsegae Participates in First Round of Bidding for Yeouido IFC Acquisition

"No schedule confirmed yet, including participation in the main bid"

[Asia Economy Reporter Yuri Kim] Shinsegae Group has participated in the bid for the Yeouido International Finance Center (IFC).

According to the distribution industry on the 8th, Shinsegae Property, Shinsegae Group's comprehensive real estate development company, participated in the first round of bidding for the Yeouido IFC acquisition together with Aegis Asset Management. However, it has not been confirmed whether they will participate in the second round of the main bidding scheduled for the 14th. Brookfield Asset Management of Canada, which owns Yeouido IFC, plans to conduct the main bidding on the 14th against five real estate investment firms including Aegis Asset Management. A Shinsegae official stated, "The schedule including whether to participate in the main bidding has not been finalized."

The industry expects that if Shinsegae Group acquires the IFC, Starfield operated by Shinsegae Property will be established at the site. It is anticipated that this will lead to competition with the nearby The Hyundai Seoul. The IFC building acquisition includes three office buildings as well as the Conrad Seoul Hotel building.

Shinsegae invested in an Aegis Asset Management fund and introduced Yeoksam Centerfield, and in 2017, acquired COEX Mall and opened COEX Starfield.

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