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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, November 17 — Heungkuk Life Insurance has launched the sale of 11 branch office buildings across Korea as it seeks to secure liquidity ahead of its expected acquisition by IGIS Asset Management.
According to investment banking sources, the company has issued RFPs to select a sales manager, focusing on firms with experience handling regional property transactions. The assets include branches in Incheon Juan, Cheongju, Cheonan, Gunsan, Gwangju, Jeonnam, Mokpo, Yeosu, Pohang, Masan, and Ulsan. Except for the strata-owned Juan building, all properties are fully owned office assets.
If the sales are completed, Heungkuk Life is expected to raise over KRW 1 trillion, following its recent sale of its headquarters building to a group-affiliated REIT for approximately KRW 720 billion. The moves appear aimed at securing capital for upcoming Taekwang Group–level M&A activities tied to the IGIS acquisition.
However, the outcome remains uncertain. Previous attempts by Dongyang Life to sell regional branches reportedly failed to attract bidders amid declining population and weakening office demand in non-metropolitan areas.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
