Eastdil Secured to be appointed on Seoul IFC sale | Asia Property

Subscription Enquiries
Editorial Enquiries

This will be the secondary navigation

Eastdil Secured to be appointed on Seoul IFC sale

Published on October 6th, 2015

US real estate investment bank a surprise choice for $3.2bn asset

AIG Global Real Estate 
is set to appoint Eastdil Secured to sell Seoul International Finance Centre with an asking price of $3.2bn.

The move has come as a surprise to many brokers in the region as Eastdil has only a single office in Hong Kong. In the US, where it bills itself as “The real estate investment banking company”, Eastdil has acted on $1.2trn of transactions since 2005 and has recently advised on a number of big deals in Europe.

Seoul IFC, a 5.4m sq ft office, retail and hotel development, has transformed the Yeoido district of Seoul since it was developed. The three office towers have brought a raft of multinationals to the area and Citibank is set to move its Seoul headquarters there.

Yields for the best Seoul properties are currently in the 4.5-5% range.

AIG put the Conrad Hotel at Seoul IFC on the market for around $450m last year but did not go through with the sale. It is understood that AIG can sell each element individually.

The sale is expected to attract the attentions of the world’s largest investors. It is thought the sale is likely to come via a club deal.

AIG would not comment.


Retail investors discover new Asian outlets for growth

TH Real Estate’s John Sharp-Paul talked Retail Summit delegates through the rise of the outlet mall concept in Asia – and how such centres can offer investors strong sales growth...


Suning and state partner target RMB30bn for new Chinese logistics vehicle

Suning Commerce Group has partnered with a state-owned firm to set up a China logistics real estate fund with an eventual RMB30bn ($4.5bn) size. The fund, established with Shenzhen Capital...



Hongchoy is strongly Linked to ire of Hong Kong’s shopkeepers Both reporting and audience questions were barred from MIPIM Asia’s “Meet the chairmen” panel session last month, we understand at...