April 25, 2024

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[THE INVESTOR] IGIS Asset Management will sign a memorandum of understanding as the preferred bidder to take over Pacific Tower in Seoul from Deutsche Asset Management on Sept. 9, beating Mirae Asset Global Investments and Ascendas, according to news reports on Sept. 8.

Located in central Seoul next to the Korea Chamber of Commerce and Industry, the 23-story high office building fetched 430 billion won (US$391.44 million) and the asset management company will deliver 240 billion won by taking out a loan.

A group of securities firms and banks, including Meritz and Hana Financial Investment, will take over the remaining stake worth 190 billion won and offer funds to public, at an expected 6.3 percent rate of return.

Deutsche Asset Management acquired the building in 2014 for 350 billion won and brought down the vacancy rate to less than 3 percent from 53 percent.

By Hwang You-mee (glamazon@heraldcorp.com)