IGIS Asset Management Co., a leading South Korean real estate investment firm, has chosen a consortium of Samjong KPMG Accounting Corp., Cushman & Wakefield Korea and NAI Korea as sale advisors for the landmark AP Tower building and two adjacent hospitality properties in southern Seoul.
Investment banking industry sources said on Friday that the three commercial real estate managers will begin a sale process for the buildings in Teheran-ro, Gangnam Business District later this month and then accept bids over the next few months.
IGIS put up the three buildings – AP Tower, Ana Hotel Seoul and Montmartre Motel – on the market for sale in a bundled deal last month.
Sources said IGIS is also considering selling the assets separately.
PRIME OFFICE COMPLEX
In 2021, IGIS acquired AP Tower, formerly The Pinnacle Yeoksam, from Pebblestone Asset Management for 175.6 billion won ($121 million).
Completed in 1994, the property underwent renovation in 2020. It is a 16-story office building with three underground floors, spanning a total floor area of 14,432 square meters.
Ana Hotel, built in 2002, and Montmartre Motel, built in 1988, are owned by domestic real estate developer AP Group, which also owns AP Tower.
AP Group initially wanted to redevelop the surrounding areas of AP Tower but abandoned the plan to instead acquire assets in Samseong-dong, also in the Gangnam Business District.
The three properties on the market have a combined land area of around 1,948 square meters in the Teheran-ro corridor, one of Seoul’s most tightly held office markets.
By Gyeong-Jin Min
min@hankyung.com
In-Soo Nam edited this article.
