[THE INVESTOR] Kwon Hyuk-bin, founder of Korean game giant Smilegate, has reportedly joined the race to acquire K Twin Tower, a luxury commercial complex in central Seoul that was recently put up for sale for an estimated 710 billion won (US$650 million), according to news reports on Dec. 8.
Kwon, the fourth richest man in Korea, faces competition from Singapore-based Acendas Fund Management, Mirae Asset Management, Aegis Asset Management, NH-Amundi Asset Management, Hana Alternative Asset Management and Koramco Asset Management.
The K Twin Tower is adjacent to the US and Japanese embassies. The twin buildings have a total floor area of 88,878 square meters with six underground floors and 16 floors above ground. The current tenants include Microsoft Korea, Woori Card, SKC and Maeil Dairy.
US private equity firm Kohlberg Kravis Roberts and Hong Kong-based investment firm Lim Advisors acquired the building for about 501.4 billion won in 2014. They are reportedly asking for about 710 billion won -- a record price for a commercial complex traded here.
With the successful launch of shooting game “Crossfire” in China, Kwon became the nation’s fourth richest man with assets of 6 trillion won. In order to manage his newly earned funds, he has set up venture capital units Smilegate Investments and Smilegate Asset Management.
By Alex Lee (firstname.lastname@example.org)