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South Korea’s NH Investment & Securities Co. will acquire an office building in Parc 1 complex under construction in Seoul’s financial district of Yeouido at around 1 trillion won ($863 million) for its new headquarters.

According to financial industry sources on Wednesday, NH Investment & Securities was named the preferred bidder for office building Tower 2 in Parc 1 multi-purpose complex. The company reportedly offered to pay around 950 billion won for the new office tower, currently under development by Y22 Project Financing Investment. It is the third largest amount offered for an office building in Korea so far.

The financial company reportedly will use the building as its new headquarters. It has been renting an office building for head office after selling its former headquarters to local real estate investment trust management company Mastern for 200 billion won last year.

Tower 2, commanding a total space of 167,306 square meters, has 53 floors above ground and seven below, which would be third tallest in Yeouido. It is part of Parc 1 complex that is under construction to enclose two office towers – Tower 1 and 2, one nine-story shopping mall, and a 30-story hotel. Hyundai Department Store and Fairmont already signed up to operate the shopping mall and the hotel, respectively.

The construction of the complex is scheduled to be completed in July this year.

NH Investment & Securities has been active in investing in high-rises in Korea. It has purchased a number of Seoul’s landmark office buildings including Samsung C&T’s building in Gangnam district. It has resold part of its stakes in the buildings to its REIT affiliate to create investment products backed by the properties.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]