Blackstone Group LP is competing with up to eight other bidders for a pair of 26-story office buildings in Seoul, with an estimated value of 1.1 trillion South Korean won, The Korea Economic Daily's Korean Investors reported.
Local commercial real estate developer CTCore owns the 113.8-meter tall Centropolis Towers, which will provide 134,310 square meters of office space to the buyer. According to the March 1 report, the Seoul Metropolitan City will be getting the first basement level of the property as a donation upon its expected completion in June.
Other parties in competition with the U.S.-based private equity giant are IGIS Asset Management Co. Ltd., Mastern Investment Management Co. Ltd., Pacific Investment Management Co. Ltd., and a partnership between Korea Post and Millinium Inmark Asset Management Co. Ltd.
The sale of the development, being managed by Savills Korea and Mateplus, is tipped to be the biggest property offering in South Korea for the first half of 2018, the paper added.
As of March 5, US$1 was equivalent to 1,077.53 South Korean won.
