Singapore’s GIC acquires Korean golf club from Yido Deal brings Korean O&M company gains worth twice the invested amount
Translated by Ryu Ho-joung 공개 2022-01-04 08:11:34
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)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 대동, GX트랙터 권역별1호 고객 전달식 진행
- NVC파트너스, 세컨더리펀드로 수산기업 리부팅 시동
- [LLC형 VC 톺아보기]BNH인베스트먼트의 '두 기둥', 강지수-김진섭 파트너
- 가온그룹, ISO 22301 취득 "리스크 관리 시스템 완비"
- [LLC형 VC 톺아보기]비하이인베, 기술강점 6인 심사역…대펀 '비토권' 눈길
- 우리벤처, 1150억 플랫폼 펀드 'IRR 27%' 청산
- 나우IB, 신규 농식품 펀드 결성…농금원과 9번째 인연
- [VC 투자기업]뱅카우, '한우 조각투자' 신고서 제출…5월말 공모
- [키움인베스트먼트는 지금]김대현 대표, VC펀드 확장 전략…벌크업 본격화
- '기업결합 승인' 카카오, 엔터업계 '지각변동' 본격화