Uniform-price household goods retailer Asung Daiso has acquired a building in Myeong-dong, following its purchase in Seoul's Gangnam district. The company is expanding its real estate assets by buying the 128 billion won Myeong-dong building after acquiring a Gangnam building worth over 300 billion won earlier this year.
According to industry sources on the 28th, Asung Daiso's parent company, Asung HMP, acquired Shinhan iSpace in Myeong-dong, Jung-gu, Seoul, for 128 billion won on August 27. The transfer of ownership was completed on the 18th.
Shinhan iSpace is an office building located near Myeong-dong Station, spanning two basement levels and seven above-ground floors. With a total floor area of 4,191 square meters (approximately 1,270 pyeong) and a site area of approximately 220 pyeong, the property was initially listed at an appraised value of 142.2 billion won but was sold for 128 billion won after three failed auctions.
During this acquisition process, Asung HMP established a maximum debt amount of 96 billion won with financial institutions. Industry sources believe the company utilized approximately 80 billion won in loans.
This is Asung Daiso's second building purchase this year. In February, its operating company, Hanwell Group, acquired a 20-story office building near Seoul Gangnam Station for over 300 billion won.
The company's performance improvements are also continuing. Last year, Asung Daiso's revenue reached 4.5363 trillion won, an increase of 14.3% from the previous year, while operating profit rose by 19.2% to 442.4 billion won. Industry sources suggest that the company may achieve 5 trillion won in revenue this year.
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