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ARA Korea, NH Investment team up for IFC Seoul bid Two firms previously worked together in several large real estate deals

Translated by Ryu Ho-joung 공개 2022-01-26 08:04:54

이 기사는 2022년 01월 26일 08:03 더벨 유료페이지에 표출된 기사입니다.

ARA Korea, Singapore-based ARA Asset Management’s South Korean unit, has teamed up with NH Investment & Securities in the auction for the International Finance Center Seoul, according to industry sources.

In December last year, Eastdil Secured, which is handling the sale, received preliminary bids for the three-tower complex in the city's major financial district Yeouido, with several bidders including ARA Korea participating in the bidding process.

“ARA Korea and NH Investment & Securities have built trust with each other as they previously worked together in several deals,” a source familiar with ARA Korea’s plans said. “ARA Korea is also in talks with other institutional investors.”

In South Korea, ARA Korea teamed up with NH Investment & Securities to purchase the iconic Seoul Square office tower for 988 billion won ($824 million) in 2019. They teamed up again in the following year to acquire Tower II of Seoul’s Parc1 complex for 950 billion won.

Globally, the two companies recently teamed up to complete the acquisition of Marble Arch Place, a newly-developed commercial asset in London, for 280 million pounds, with NH Investment & Securities investing about 190 billion won in a private real estate fund managed by ARA Korea.

It is said that a consortium of ARA Korea and NH Investment & Securities submitted the highest bid of 4.2 trillion won for the IFC Seoul, expressing strong interest in acquiring the landmark complex.

In addition, with a successful track record of completing acquisitions of at least two prime office buildings worth more than 1 trillion won in South Korea, the consortium could have an edge over rival bidders, industry watchers said. (Reporting by Gyoung-tae Kim)
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