[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering will sell its Seoul headquarters building to Capstone Asset Management for 170 billion won (US$154.07 million), according to news reports on Sept. 26.
This is 5 billion won less than the price suggested by KORAMCO, which has been selected as the exclusive negotiation partner for the sale of the 22-story building, with 24,854 square meter gross area.
DSME abruptly halted talks with the real estate developer last week when the company failed to round up investors despite the extended negotiation period. KORAMCO, however, claims that it is a unilateral cancellation of contract and is reviewing legal action.
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The cash-strapped shipbuilder has changed the sales partner despite the lower price to secure more liquidity as the asset management company offered to take over the office building with no strings attached. The previous deal with KORAMCO included conditions such as sale and lease back and reinvesting part of the fund from sale.
By Hwang You-mee (
glamazon@heraldcorp.com)
