Baiyun NetworkHome>Baiyun Encyclopedia>Logistics InformationTo successfully acquire the international container shipping company HMM, Dongyuan Group has invested heavily! (Planned to sell Seoul office building)2023-12-13 T14:26:50.483 Author: International Express – Baiyun NetworkAccording to reports, one of the two groups bidding for South Korean flagship container shipping company HMM, Dongwon Group, is planning to sell its office building in Seoul to raise acquisition funds.It is understood that the largest fishing group in South Korea has offered 6.4 trillion Korean won (4.97 billion US dollars) to acquire HMM. It is reported that another bidder, a South Korean poultry processing enterprise, and Harim Group, the parent company of Pan Ocean Group, have also proposed a similar price.As of June 30th, Dongyuan holds 500 billion Korean won (380 million US dollars) in cash and is believed to be actively engaged in financing activities.International Container Shipping CompanyThe company’s financing plan includes 1 trillion Korean won (762 million US dollars) of internal reserves, 3 trillion Korean won (2.2 billion US dollars) of acquisition financing, and 2.5 trillion Korean won (1.9 billion US dollars) of secured loans.The office building of Dongyuan Catering has 5 underground floors and 26 above ground floors, with a total construction area of 362.08 million square meters.Dongyuan Group acquired the company in 2017 for KRW 107.3 billion (approximately USD 100 million at the time), all of which were paid in cash. From the perspective of the group, there are no obstacles to liquidating this building. Since there is no loan to repay, all proceeds from the sale can be used.Local media reports quoted real estate experts as saying that the expected selling price is as high as 300 billion Korean won (230 million US dollars). As this is a project that real estate asset management companies are very concerned about, the price may further increase slightly.
