Real Estate Team Advises Shinhan BNP Paribas on KRW 109 Billion Acquisition of Central Place Building
2010.11.30.
Yulchon"s Real Estate Team successfully advised a privately placed real estate investment trust managed by Shinhan BNP Paribas Asset Management Co., Ltd., in the acquisition of Central Place Building, a commercial building with 17 above-ground floors and 6 underground floors with an approximate gross floor area of 34,000 m² located in Seoul. The seller was the Urban Environmental Improvement Project Association for the 12-2 Area of the Maporo 5 District and its members. The transaction was valued at KRW 109.5 billion and was closed on November 30, 2010.
In 2007, during the initial phase of the building"s construction, a sale and purchase agreement was executed in order to acquire the constructed building and land. The purchaser was able to obtain funding to complete the construction of the building based on the sale and purchase agreement.
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