Macquarie Expected to Take over Goyang Bus Terminal Soon

SEOUL, KOREA- Macquarie Investment Management is expected to sign an agreement to take over Goyang Express Bus Terminal from the Korea Deposit Insurance Corp. by mid-November. That's because the lawsuits surrounding the sale of the building spaces, which was the major obstacle to the negotiation, has been almost settled.

According to investment banking sources on November 3, both buyer and seller have recently agreed to make a certain amount of deposit in an escrow account to prepare for contingencies that may arise after purchase.

Up until now, Macquarie has demanded to the Korea Deposit Insurance Corp. that the latter be at least partially responsible for the lawsuits and related costs. It was the main reason the deposit insurance corporation halted the negotiations in June this year and stripped Macquarie of its status as the preferred negotiating partner.

Persons close to the deal said the expected transaction price for the terminal would be in the range of 170 and 180 billion won. The terminal hosts a Home Plus supermarket and a Megabox multiplex movie theater in addition to the bus terminal. Its appraised value is in excess of 240 billion won.

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