JW Holdings Corp., the holding company of South Korea’s JW Pharmaceutical Corp., sold off an office building in Seocho-gu, Seoul plus the land site to pocket a net profit of 40 billion won ($36 million) from the real estate investment.

According to JW Holdings on Wednesday, the property was sold to state-run Koramco Asset Management Co. at 148 billion won ($134 million). When excluding commission fees, interests and taxes, JW Holdings is expected to net around 60 billion won from the transaction, making a profit of 40 billion won as it had invested 19 billion won in the special vehicle purpose KVG CR-REIT2 created for the property acquisition.

The SPV will dissolve, and the company plans to invest the proceeds in a new property fund.

The company said it was not moving out of the building as lease is guaranteed until 2024.

On Thursday, shares of JW Holdings closed down 1.35 percent at 8,030 won.

By Kim Hye-soon and Lee Ha-yeon

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