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

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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.

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