This article was published on April 18, 2025, at 5:32 p.m. on the ChosunBiz MoneyMove site.
NH Amundi Asset Management is pushing for the sale of the Orange Center located in Sunhwa-dong, Seoul. This comes five years after it was purchased from the National Pension Service in 2020. At that time, the National Pension Service recorded a profit of over 100 billion won by indirectly holding the Orange Center through a real estate investment trust (REIT) and then selling it.
According to the investment banking (IB) industry on the 18th, NH Amundi Asset Management recently sent a request for proposal (RFP) to real estate transaction advisory firms for the sale of the Orange Center located in Jung-gu, Seoul. NH Amundi Asset Management plans to select a sale manager soon and commence the official procedure.
The Orange Center, which is up for sale, is located in Sunhwa-dong, Jung-gu, Seoul. It is a large office building with 6 basement floors and 19 above-ground floors, covering a total area of 34,172 square meters. In 2022, Emart relocated its headquarters from Seongsu-dong and is currently occupying almost all floors.
The Orange Center was acquired in October 2007 by the 'Macquarie NPS Trust Management Real Estate Investment Company' for 150 billion won from the M Tower Special Purpose Company. Later, ARA acquired Macquarie Korea in 2013, leading to the rebranding of the REIT as ‘ARA-NPS Trust Management Real Estate Investment Company.’ At that time, the National Pension Service was a major investor in the REIT and effectively held the Orange Center indirectly.
NH Amundi Asset Management purchased the Orange Center for about 252 billion won in 2020. The price per 3.3 square meters was around 24.38 million won. At that time, 12 companies, including IGIS Asset Management, Samsung SRA Asset Management, K REIT Investment Management, and Calon Investment Asset Management, submitted letters of intent (LOI) in a fiercely competitive bidding process conducted by the ARA-NPS REIT.
The selling price of the Orange Center is expected to exceed 300 billion won. The Orange Center is currently leased long-term by the strong tenant Emart, which occupies virtually all floors, ensuring stable cash flow. Additionally, it is located in the central business district (CBD), enhancing its connectivity to surrounding commercial areas. The selling prices of office buildings in the CBD area currently reach up to about 40 million won per 3.3 square meters.