이 기사는 2022년 04월 06일 08시05분 thebell에 표출된 기사입니다

IGIS Asset Management has chosen a consortium led by Jimei Korea as a preferred buyer for four stores of South Korean hypermarket chain Homeplus in a deal likely to be worth more than 900 billion won ($743 million), according to industry sources.

The Seoul-based asset manager bought the four stores – Geumcheon, Dongsuwon, Busan Centum City and Yeongdeungpo branches – for 630 billion won in 2012. It is reckoned that the over 900 billion won valuation offered for those properties includes the value of the potential development.

“From what I have learned, Jimei Korea will act as a developer, and DL E&C and Lotte E&C will join Jimei Korea to work together on the development,” an industry insider said.

IGIS Asset Management initially planned to sell MBK Partners’ right of first refusal for the four stores on behalf of the private equity firm. It shortlisted some of the property developers interested in the assets to enter into final negotiations, but ultimately failed to reach an agreement on the price.

As the life of its fund that invested in the properties will end in a few months, IGIS Asset Management decided to start a process to sell the stores on its own.

Even if Jimei Korea signs a deal to buy the four stores, it still needs to negotiate with each store because they have a remaining lease term of more than 10 years. This means any development of the properties would be possible only after they agree to cancel the lease or the lease term ends.

The high development potential of these areas has attracted many property companies to join the bidding race. The land where the four stores stand spans a total of 19,000 pyeong, or about 62,810 square meters, and is either commercial or semi-industrial use. The properties were built 19 to 21 years ago.

Last year, IGIS Asset Management sold another three Homeplus stores to real estate developer Daelim in a 350 billion won deal. (Reporting by Min-kyu Sin)