이 기사는 2022년 01월 04일 08:04 thebell 에 표출된 기사입니다.

Yido, a South Korean operating and management company, has sold an 18-hole golf club to Singapore’s GIC for 100 billion won ($84 million) as the sovereign wealth fund seeks to diversify its asset portfolio across geographies and industries.

GIC recently completed its acquisition of Club D Boeun in North Chungcheong Province, less than three hours away from Seoul by car, according to industry sources.

The acquisition price represents 5.5 billion won per hole or twice what Yido paid for the golf club three and a half years ago.

This is the first investment in a South Korean golf club by GIC, which has focused on investing in prime office buildings and distribution centers in the country.

The acquisition came after the Singaporean sovereign wealth fund expressed interest in buying Paganica Country Club in Chuncheon, Gangwon Province, in 2019, although it ultimately pulled out.

GIC seems to be attracted to the growth potential of South Korea’s golf industry, with younger people increasingly enjoying golfing and domestic golf clubs attracting more visitors as overseas travel restrictions continue due to the Covid-19 pandemic. The warmer winter also allows golf clubs to open for a longer period of time.

By tapping into the growing golf and leisure sector, GIC can also diversify its portfolio away from commercial real estate, which faces increasing vacancy rates. It acquired Luston Villa & Hotel on Jeju Island for 40 billion won in December 2021, which marked the fund’s first investment in a South Korean hotel.

Yido bought Club D Boeun in May 2018 for 47.3 billion won. The golf club’s revenue more than doubled to 9.2 billion won in 2019.

Yido will continue to operate the golf club on behalf of the new owner. The operating and management company operates a total of 99 holes of golf courses across the country, including Club D Boeun, Club D Songnisan and Club D Geochang, under contract. (Reporting by Jun-hyeok Shin)