April 26, 2024

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[THE INVESTOR] Samsung Fire & Marine Insurance on Aug. 23 confirmed that Booyoung Group, the Korean construction giant, has been named a preferred bidder to acquire its former head office building in central Seoul.

Shinhan Card, Tongyang Asset Management of China’s Anbang Insurance Group and IGIS Asset Management had also participated in the bidding that was held Aug. 5

If the deal is confirmed, Booyoung will become an owner of another Samsung headquarters building following its acquisition of the office building of Samsung Life Insurance, also in Seoul, for 575 billion won (US$514.7 million) early this year. 

Industry watchers estimate Booyoung's bidding price for the new purchase at about 430 billion won to 450 billion won.

By Lee Ji-yoon (jylee@heraldcorp.com)