South Korea's Taeyoung Engineering & Construction sells its Yeouido office building in Seoul for 225.1 billion won

Tae Yeon Construction, a mid-sized Korean construction company, announced on the 3rd that it has sold its building located in Yeouido, Seoul to TY First Corporate Restructuring Real Estate Investment Company.
TY's first corporate restructuring real estate investment company was established by D&D Investment, a subsidiary of SKD&D, and is a corporate restructuring lead investment company with the aim of acquiring the Taiei Building.
The building was acquired by CR REIT in July 2017. The sale price was 225.135 billion won (approximately 24.4 billion yen). D&D Investment was awarded the right of first refusal to buy the building in July.
The Taiei Building, which is used by TY Holdings, the holding company of the Taiei Group, and Taiei Construction, has 5 basement floors and 13 floors above ground, with a total floor area of approximately 41,858 square meters.
Taiei Construction has been selling its building as part of its self-rescue measures following the workout. In a public notice issued on the same day, Taiei Construction stated that the purpose of the disposal was to "secure liquidity through asset sales."
TY Holdings and Taiei Construction plan to continue using the building through a "sale and leaseback" arrangement, in which they will sell the building and then rent it out again.
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