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Blackstone, Mapletree joining bidders for Samsung property in Seoul

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Blackstone, Mapletree joining bidders for Samsung property in Seoul

Blackstone Group LP and Mapletree Investments are joining the bidding for Samsung C&T Corp.'s 32-story office building in Seoul, Deal Street Asia reported, citing a Korean Investors report.

The report noted that the Seocho-dong property is expected to be sold for a record 32 million South Korean won per 3.3 square meters. The previous record of roughly 30 million won per 3.3 square meters was held by the Gangnam N Tower.

Other bidders for the asset include NH Investment & Securities Co. Ltd., Koramco, IGIS Asset Management Co. Ltd., JR AMC Co. Ltd., Pebblestone Asset Management Co. Ltd. and Mastern Investment Management Co., Ltd.

The book value of the land occupied by the building is 384.5 billion won, Deal Street Asia said, citing an information memorandum to investors distributed by Savills Korea, which is handling the sale.

The bid is Mapletree Investments' first direct bid for a South Korean asset. It has invested in logistics centers in the country through its Mapletree Logistics Trust real estate investment trust, the report noted.

As of June 11, US$1 was equivalent to 1,075.7 South Korean won.