April 20, 2024
Deals
Hanwha Securities to invest W60b in EU office building
[THE INVESTOR] Hanwha Investment & Securities has decided to invest 60 billion won (US$53.3 million) to acquire the European Parliament’s office building in Belgium, Korea Economic Daily reported on March 20.
Hanwha recently joined the consortium -- led by Hana Asset Management and Hanwha Securities -- that was selected as preferred bidder for Square de Meeus 8 building in Brussels after Korea Investment & Securities pulled out.
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The total purchase price of the building is estimated to be about 254.6 billion won.
A real estate fund set up by Hana Asset is expected to invest 111.5 billion won, while the rest of the capital needed for the purchase will be financed by other financial firms.
Hana Asset and Hanwha Securities plan to bring in two to three more investment firms and finalize the deal by the end of this month.
The Square de Meeus 8 is a 11-story office building located in central Brussels. It is under a long-term lease with the EU Parliament that will run until 2028.
By Alex Lee (alexlee@heraldcorp.com)
