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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Seoul, August 27, 2025 — BNK Asset Management has been selected as the preferred bidder for the acquisition of Emart Tower in central Seoul, according to investment banking sources on August 27. The sale is being managed by GenstarMate and Cushman & Wakefield Korea. Competing bidders included NH Nonghyup REITs Management, Kiwoom Investment Asset Management, and KB Real Estate Trust.
BNK Asset Management, an affiliate of BNK Financial Group, has been actively pursuing prime office assets in Seoul this year with strong backing from its parent company. Earlier this year, the firm was named preferred bidder for Hyundai Motor Securities Building in Yeouido, but the acquisition fell through after Hyundai Motor Securities exercised its right of first refusal. In the latest bid for Emart Tower, BNK reportedly offered a price in the mid-KRW 30 million range per 3.3㎡ (pyeong), valuing the property at over KRW 360 billion (approx. USD 270 million), and secured the preferred negotiating rights.
Completed in 2007, Emart Tower is located at 37, Sejong-daero 7-gil, Jung-gu, Seoul. The property consists of six basement levels and 19 above-ground floors with a total floor area of approximately 34,173㎡. Emart, one of Korea’s leading retail conglomerates, occupies about 98% of the building under a lease agreement that runs until February 2033. The tower is considered a highly attractive asset, with new financial headquarters being developed nearby and major redevelopment projects underway around Seoul Station.
The seller, NH Amundi Asset Management, had acquired Emart Tower from ARA Korea Asset Management in 2020 for KRW 252 billion.
The deal comes amid heightened activity in the Seoul office market. On August 28, the sale of Seoul Square — valued at over KRW 1 trillion — will go to bid, followed by the sale of Namsan Sowol Tower, which recently underwent renovations, in September.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
