Hana Asset Management Co., real estate asset-managing unit of Hana Financial Group, is attempting to sell Hana Card headquarters building in downtown Seoul for profit-taking.
According to the investment banking (IB) industry Friday, Hana Asset Management has sent out invitations to select a marketing advisor in hopes to complete the sale by year-end. It is eyeing from 90 billion won ($79.9 million) to 100 billion won for the property bought at 60 billion won in September 2012 through a private equity fund.
The 12-floor building is located in the central banking district of Da-dong in downtown Seoul. Although highly attractive to investors looking for affordable property investment, it would be without a major tenant as Hana Card that uses most part of the building would be moving out.
Hana Asset Management has been making solid profits from office building investments in downtown Seoul. It earned 70 billion won worth profit by selling Korean head office of Taiwan-based Yuanta Securities Co. in central Seoul to NH-Amundi Asset Management Co. last month.
By Song Gwang-sup
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