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[Alpha Biz=(Chicago) Reporter Kim Jisun] Taeyoung Group has started selling Luna XCC, a golf course owned by Taeyoung Engineering & Construction, and Dianers CC, a golf course owned by Blue One, a group affiliate.
According to the investment banking (IB) industry on the 25th, Taeyoung recently selected Samil PwC as a sales manager and sent an invitation package (Invitation Pakage) to potential buyers. The package reportedly contains information on golf courses subject to sale, a letter of intent (LOI) submission guide, and a confidentiality confirmation letter.
Luna XCC is a golf course located in Gyeongju. It was built in 2021 with a total of 24 holes. For the first time in Korea, it is a four-course golf course with six holes.
Taeyoung Construction owns 100%, and Blue One, a group affiliate, has been in charge of the operation. The term of Blue One's responsible lease is until October 2026.
Luna XCC is an asset of Taeyoung Construction, which is under workout, and is virtually frozen, and is included in the sale list. The industry believes that creditors allowed the sale as one of the self-rescue measures to strengthen Taeyoung Construction's financial soundness.
The IB industry estimates the sale price of the two golf courses at around 6 billion won per hole. The 24-hole Luna XCC is worth 144 billion won and the 27-hole Dianers CC is worth 162 billion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
