이 기사는 2021년 12월 09일 08시06분 thebell에 표출된 기사입니다

An auction for IGIS Asset Management’s four Homeplus stores is heating up, with the package deal expected to fetch much more than what’s paid for similar assets sold by Samsung SRA Asset Management a year ago.

The sale process comes about nine years after the Seoul-based real estate investment firm acquired the hypermarket chain’s four stores for approximately 630 billion won ($535 million) in September 2012.

IGIS has reportedly received several bids from large domestic developers, including MDM, Dodam Estate, Mirae City and Istern Investment & Development. While negotiations are still underway for the assets, many expect the deal to be worth more than 1 trillion won.

This compares with the 830 billion won for which Samsung SRA sold four similar Homeplus stores to Hana Alternative Asset Management in 2020. Samsung SRA also purchased them at a price of around 630 billion won in 2013.

The difference in the valuations is due in large part to the development potential of the land where the four stores owned by IGIS stand. This is also the reason that the auction for these stores was largely participated by property developers, rather than real estate asset managers.

Another difference between the two deals is related to the right of first refusal. IGIS was granted the right of first refusal on the four stores from private equity firm MBK Partners, which owns the hypermarket chain. A preferred buyer selected by IGIS is expected to acquire the right of first refusal later this month, and then enter into final negotiations with IGIS early next year.

In contrast, MBK Partners has the right of first refusal on Samsung SRA’s Homeplus stores, enabling the private equity firm to exercise the right to buy them in the future at the fair value. This had reduced the attractiveness of the assets to potential buyers.

“Major domestic developers have participated in the auction for IGIS’ four Homeplus stores,” an industry insider said. “But even if a deal is signed, there remain challenges such as a backlash from the supermarket chain’s labor union.” (Reporting by Min-kyu Sin)