NH-Amundi Asset Management Sells Yuanta Securities Building for 306 Billion Won
Sold after 5 years since purchase in 2017... Cumulative return rate of 95%
Second highest sale price among CBD buildings after SK Seorin Building
[Asia Economy Reporter Hwang Yoon-joo] NH-Amundi Asset Management has sold the Yuanta Securities Building after 5 years. It was sold for the second-highest amount among CBD (Central Business District) properties, following the SK Seorin Building transaction in 2021.
NH-Amundi Asset Management announced on the 2nd that it sold the Yuanta Securities Building in Euljiro for 306 billion KRW.
NH-Amundi Asset Management acquired the Yuanta Securities Building in May 2017 for 214.1 billion KRW through a blind fund invested by NongHyup Group affiliates and external institutions such as pension funds. The sale price was 36.1 million KRW per 3.3㎡, achieving a cumulative investment return of 95% over 5 years.
The bidding held in February this year attracted multiple prospective buyers including Capstone Asset Management, Aegis Asset Management, Samsung SRA Asset Management, Marston Investment Management, and KB Asset Management. Considering the sale price and the stability of deal closing including financing capability, Capstone Asset Management was selected as the preferred negotiator.
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The Yuanta Securities Building consists of 5 basement floors and 16 above-ground floors, with a total floor area of 28,024㎡. Completed in September 1987 and remodeled in 2011, it is expected that additional floor area ratio can be applied. The buyer, Capstone Asset Management, is reportedly planning to redevelop the property into a landmark office asset representing Euljiro in the future.
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