[Market Now] Niblo Barracks to be sold for W642b

Niblo Barracks, home to U.S. military personnel stationed in the Yongsan base, has been sold for 624.2 billion won ($540 million), Korea Land & Housing Corp. announced Wednesday.

Daishin F&I, a local financial firm specializing in investment in distressed assets, is the buyer of the property which consists of more than 500 apartment units and 60,677 square meters of land, the state-run LH housing developer said.  

Located in Hannam-dong, central Seoul, Niblo Barracks has been home to U.S. military members and their families for 34 years. The sale is in line with the U.S. armed forces’ relocation of the base to Pyeongtaek, out of Seoul, by 2017.
 
Across the street from the complex lies one of Korea’s most luxurious villas -- Hannam The Hill. 

By Lee Sun-young (milaya@heraldcorp.com)