Seoul office tower sells for $487m

Shinhan Financial Investment has signed a contract to sell its headquarters in Seoul to Aegis Asset Management.

The sale price is 639.5 billion won ($487.6 million).

The building provides 70,169 square meters (755,293 square feet) of gross floor area

“To mark the 20th anniversary of its founding this year, we are promoting omni-directional innovation that looks back at everything within the company, including capital utilization measures, systems, and work methods for sustainable growth,” said Yung-Chang Lee, Shinhan Investment Corp. CEO. “The sale of the office building is one of these innovations, and we expect that it will serve as an opportunity to turn the crisis into an opportunity by securing support in the domestic and overseas financial markets where volatility and uncertainty have increased and boldly investing in new growth engines.”