GIC to open 2nd tender for Seoul landmark building sale as bids disappoint

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Singapore’s GIC Private Ltd., the world’s sixth-largest sovereign wealth fund, is set to seek more proposals from bidders to sell a landmark building in Seoul as their offers fell short of earlier estimates.GIC and CBRE Group Inc., the manager of the sale of Seoul Finance Center (SFC), plan to hold another tender on Wednesday for the existing bidders such as BentallGreenOak (BGO), South Korean asset managers Koramco REITs Management and Trust Co.and its subsidiary Koramco Asset Management Co., according to investment banking industry sources.

The Canadian asset manager might have been able to sell the complex in Yeouido, South Korea’s main financial district, had the bidding not dragged on, investment banking industry sources in Seoul said.

The sovereign wealth fund has been a magnate in the South Korean real estate market for more than 20 years, owning other landmark offices such as Gangnam Finance Center.

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Article Details

Category: Economy

Markets: South KoreaSingapore

Topics: Sovereign Building Asset Seoul South Investment Sources Sell Bidders Finance Management

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-11 @ 15:17:50 (1 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 401 words

Reading Time: 3 minutes read

Sentences: 20 lines

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Copyright Owner: © Korea Economic Daily

News ID: 24348388

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