SEOUL, KOREA - Consus Asset Management, the private equity fund management firm led by Kim Young-Jae, the former spokesman for the Financial Supervisory Service, will acquire Korea Real Estate Investment & Trust. According to investment banking sources on February 4, Consus Asset Management has signed an agreement with Istum Partners, the largest shareholder of Korea REIT, to take over the latter's 35.37-percent stake.

Established in 2004, Consus Asset Management has become famous after selling off the shares of a medical equipment maker Medison (currently Samsung-Medison). Of late, the company was involved in a bidding war to acquire Woongjin PassOne, the exam preparation service company under the umbrella of Woongjin Group, that has been under court receivership.

 

Once the deal goes through as planned, Istum Partners will be able to recoup its investment money after six years. The private equity fund company became the largest shareholder of Korea REIT in 2009 after buying non-controlling shares in 2007. The company had tried to sell off its stake since 2010. The share price of Korea REIT on February 4 closed at 1,260 won, up 6.78 percent.