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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SK InnoE&S, a subsidiary of SK Innovation, announced on August 7 that its city gas affiliate Cowon Energy Service has agreed to sell its headquarters building and land located in Daechi-dong, Gangnam-gu, Seoul, for KRW 505 billion (approx. USD 387 million).
According to the public disclosure, the assets being sold include a land parcel of 48,452 square meters and a building covering 9,017.01 square meters. The buyers are a consortium comprising NH Investment & Securities, Korea Real Estate Investment & Trust (KOREIT), and Hoban Construction.
SK InnoE&S began the sale process last year, selecting the consortium as the preferred bidder in a competitive auction held in early July. After approval from Cowon Energy Service’s board, a binding memorandum of understanding (MOU) was signed. The final sale agreement is expected by August 30, with the ownership transfer to be completed by December 5.
This asset sale is part of SK Innovation’s broader portfolio rebalancing strategy, aimed at enhancing financial stability and securing future growth. The company plans to raise over KRW 1.5 trillion this year through the sale and monetization of non-core assets.
The Daechi-dong site, located near Seoul’s Tancheon confluence development zone, has long been under review by the city for redevelopment. Its proximity to prestigious school districts and well-established infrastructure adds to its high development potential.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
