Kumho Petrochemical's Seoul headquarters put on market

IGIS Asset Management Co., has put Kumho Petrochemical Group’s headquarters building, Signature Tower in central Seoul, up for sale – a deal expected to fetch more than 1 trillion won ($700 million), marking one of South Korea’s largest commercial property deals this year.

According to investment banking sources on Wednesday, the South Korean real estate investment firm has begun the sale process, issuing requests for proposals (RFPs) to real estate advisory firms. A sales advisor will be selected next month, with bidding expected to begin in the first half.

Completed in 2011, the two-tower complex offers nearly 100,000 square metres of office space with 17 floors above ground and five floors below.

Kumho Petrochemical Co. moved its headquarters there in 2012.

IGIS acquired the property for 720 billion won ($500 million) in 2017 from Shinhan Asset Management Co., formerly Shinhan BNP Paribas Asset Management, with 140 billion won in backing from a real estate fund.

The National Pension Service invested in the fund. With the fund approaching maturity, IGIS is bringing the building to market.

The sale is expected to draw more than 1 trillion won, reflecting strong demand for modern office assets in Seoul’s central business district and its roster of blue-chip tenants.

Write to Kyung-Jin Min at min@hankyung.com
Yeonhee Kim edited this article.