Samsung Fire & Marine Insurance Seocho Headquarters to Return to Samsung Financial Group… Acquisition Pursued for 1.1 Trillion KRW

The Samsung Fire & Marine Insurance headquarters building, located in ‘Samsung Town’ in Seocho-dong, Seoul, is expected to return to the ownership of Samsung Financial affiliates.

According to the financial investment industry on the 16th, Koramco Reits Management and Trust signed a memorandum of understanding (MOU) to select Samsung SRA Asset Management as the preferred bidder for the sale of ‘The Asset Gangnam’ in Seocho-dong, Seoul.

Samsung SRA Asset Management, a real estate management subsidiary of Samsung Life Insurance, will become the preferred bidder once the deposit is paid. Samsung Fire & Marine Insurance will participate as a strategic investor (SI) in this transaction.

‘The Asset Gangnam’ is a building with 7 basement levels and 32 above-ground floors, with a total floor area of 81,117㎡. The expected sale price is 1.1 trillion KRW, which equates to approximately 40 million KRW per 3.3㎡.

Koramco Reits Management and Trust purchased ‘The Asset Gangnam’ for about 750 billion KRW in 2018 and is now pursuing its sale after about six years.

Once the sale is completed, Samsung Fire & Marine Insurance will use its headquarters building again under the ownership of Samsung Financial affiliates.

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