thebell

전체기사

Club Mow CC bidding attracts strong interest Positive sign for Doosan Group’s restructuring efforts

Translated by Ryu Ho-joung 공개 2020-06-29 08:01:09

이 기사는 2020년 06월 29일 08:00 더벨 유료페이지에 표출된 기사입니다.

Club Mow Country Club is edging closer to a sale after more investors than expected participated in the bidding for the South Korean golf resort.

Deal manager Deloitte Anjin plans to announce the preferred buyer for the golf course with 27 holes soon, sources said on June 25. The seller reportedly received some 20 tentative bids, followed by final offers from several strategic and financial investors.

Such strong interest in the target has overshadowed initial concerns over a tight timeframe for the auction. Club Mow CC was put up for sale earlier this month by Doosan Heavy Industry & Construction as part of cash-strapped Doosan Group’s restructuring plan.

More investors are considering golf resorts in the country as attractive investment options due to warm winter and an increase in golfing guests as restrictions on overseas travel to prevent Covid-19 from spreading prolong.

Private equity firm Striker Capital Management bought Paganica, a golf resort with 18 holes in Chuncheon, Gangwon Province, for 95 billion won ($79 million) in 2019. The purchase price represents a jump from between 3 billion won and 3.5 billion won per hole for golf courses in that area two years ago. In May Capstone Asset Management acquired The Players Golf Club with 27 holes for a record 170 billion won.

“There is reportedly a bidder, probably one of strategic investors, who offered nearly 200 billion won for Club Mow CC,” an industry insider said.

The successful sale of the golf resort would give momentum to Doosan Group’s efforts to secure liquidity and help address creditors’ concerns. Other businesses that the conglomerate will offload as part of its restructuring efforts include Doosan Solus, Doosan Corporation Mottrol, Doosan Engineering & Construction and Doosan Infracore. The sale of Club Mow CC is expected to complete by the end of August.

(Reporting by Se-hun Jo)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재 및 재배포 금지 >

더벨 서비스 문의

02-724-4127

유료 서비스 안내
주)더벨 주소서울특별시 중구 무교로 6 (을지로 1가) 금세기빌딩 5층대표/발행인성화용 편집인이진우 등록번호서울아00483
등록년월일2007.12.27 / 제호 : 더벨(thebell) 발행년월일2007.12.30청소년보호관리책임자이현중
문의TEL : 02-724-4100 / FAX : 02-724-4109서비스 문의 및 PC 초기화TEL : 02-724-4103기술 및 장애문의TEL : 02-724-4159

더벨의 모든 기사(콘텐트)는 저작권법의 보호를 받으며, 무단 전재 및 복사와 배포 등을 금지합니다.

copyright ⓒ thebell all rights reserved.