SEOUL, KOREA - IGIS Asset Management, a real estate management company led by Kim Dae-Young, the former Vice-Minister of Land, Infrastructure, and Transportation, will acquire the Renaissance Seoul Hotel in Gangnam.
According to investment banking sources on May 6, the hotel's owner Sambu Construction and the principal underwriter Samil PwC have selected IGIS Asset Management as the preferred negotiating partner.
Earlier in February, Sambu Construction had put the hotel up for sale under pressure to pay back the 40-billion-won emergency cash received from the creditors.
It was reported that IGIS Asset Management offered 1.1 trillion won outbidding Vestas Investment Management. The company will demolish the current hotel building and put up a new premium-class office building. Established in March 2010, IGIS Asset Management is considered an up-and-coming big investor in the real estate business. Last year, it took over four Home Plus stores and the Noon Square in downtown Myeong-dong. This year, it followed up with three acquisitions of regional Home Plus locations and the Ropemaker Place Building in London.
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