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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, May 21 — Hanwha REIT has agreed to acquire E-Mart Tower in central Seoul for KRW 350 billion as part of its strategy to expand rental income-generating assets.
According to a regulatory filing, Hanwha Asset Management REIT approved the acquisition of the property located in Jung-gu, Seoul, with the deal representing approximately 22.5% of its total assets as of end-October last year.
The seller is NH-Amundi Private Real Estate Fund No. 12. Hanwha REIT said the acquisition is aimed at enhancing earnings through stable rental income following the purchase.
The transaction is scheduled to close on June 5, with payment to be made in cash. The company plans to finance the deal through borrowings and short-term debt issuance.
The deal has undergone external valuation by Samdo Accounting Corporation, which deemed the transaction fair.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
