April 24, 2024

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[THE INVESTOR] Ryukyung PSG Asset Management has been named preferred bidder to take over HiteJinro’s headquarters in southern Seoul, according to local media reports on April 11.

Mplus Asset Management, a subsidiary of Military Mutual Aid Association that manages 10 trillion won assets, has put up the building for sale. Ryukyung beat six other bidders with the highest quote of 180 billion won (US$157.17 million).

The asset management company will create an 80 billion won fund for private investors and will take out a 100 billion won loan to finance the deal.
Mplus purchased the headquarters from the cash-strapped liquor company in 2012 for 134 billion won through a real estate fund, maturity of which is the reason for the sale. 

HiteJinro still has 15 years left in the sale and lease back contract for the whole building.

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