Morgan Stanley buys Daewoo HQ
Daewoo has signed a contract to sell its Seoul headquarters building to Morgan Stanley for $1.04 bn.
By Agencies |
SEOUL: South Korea's Daewoo Engineering and Construction said on Monday it has signed a contract to sell its Seoul headquarters building to Morgan Stanley for 960 billion won ($1.04 billion)
The sale marks the highest price paid for a building in South Korea, Yonhap news agency reported.
The 23-storey building in central Seoul, with two additional basement floors, contains a total of 132,560 square meters (1.43 million square feet).
Under the deal, the US investment banking giant has agreed that Daewoo will act as its agent for two years in handling lease contracts with other companies based in the building.
The parties also agreed Daewoo would undertake future renovation work. The price tag for the renovation was not included in the contract and will be decided in separate negotiations, said Daewoo Engineering, the nation's largest builder by sales.
The construction firm currently uses seven stories of the headquarters building for its own operations and leases the remainder.
Daewoo Engineering, which was taken over by Kumho-Asiana Group last year, plans to move to Kumho-Asiana's new building in about two years once construction is complete.
It will use the proceeds from the sale of its headquarters to repay debts and strengthen core operations.
The sale marks the highest price paid for a building in South Korea, Yonhap news agency reported.
The 23-storey building in central Seoul, with two additional basement floors, contains a total of 132,560 square meters (1.43 million square feet).
Under the deal, the US investment banking giant has agreed that Daewoo will act as its agent for two years in handling lease contracts with other companies based in the building.
The parties also agreed Daewoo would undertake future renovation work. The price tag for the renovation was not included in the contract and will be decided in separate negotiations, said Daewoo Engineering, the nation's largest builder by sales.
The construction firm currently uses seven stories of the headquarters building for its own operations and leases the remainder.
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Daewoo Engineering, which was taken over by Kumho-Asiana Group last year, plans to move to Kumho-Asiana's new building in about two years once construction is complete.
It will use the proceeds from the sale of its headquarters to repay debts and strengthen core operations.
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