More than 10 buyers participated in the bidding for the office building in Yeonji-dong, Jongno-gu, Seoul, being promoted by the Hyundai Group.
According to the investment banking (IB) industry on the 26th, about 10 domestic and foreign real estate asset management companies participated in the bidding for the Hyundai Group's Yeonji-dong office building held on the previous day, the 25th. It is evaluated as a successful event, with more institutions participating than initially expected.
Earlier, the Hyundai Group selected Samjeong KPMG as the advisory firm for the office building sale in April. The selling method is expected to be a sale and leaseback.
The Hyundai Group's Yeonji-dong office building is situated on a site of 11,179.7 square meters (approximately 3,381 pyeong) and consists of the East Building (4 underground floors to 12 above ground) and the West Building (4 underground floors to 16 above ground).
Hyundai Elevator sold this office building to Koramco Asset Management in 2012, which continued to be used as an office building. Subsequently, Hyundai Elevator exercised its preemptive rights and repurchased the building for about 200 billion won in 2017, and now, after eight years, is moving forward with a resale.
The Hyundai Group plans to use the proceeds from this office building sale for future investments and to enhance shareholder value.