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)
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