Hyundai HAIM and TPG Angelo Gordon Acquire Co-Living Assets in Seoul for KRW111.5 Billion
Hyundai HAIM Asset Management, based in South Korea, has partnered with U.S.-based TPG Angelo Gordon to acquire two co-living assets in Seoul from IGIS Asset Management. The properties, Mangrove Dongdaemun and Mangrove Sinseol, were purchased for a total of KRW111.5 billion. Mangrove Sinseol is situated on a 902.8 square meter site with a gross floor area of 11,588.9 square meters, while Mangrove Dongdaemun occupies a 653.1 square meter site with a gross floor area of 5,967.0 square meters. The new owners plan to reposition these assets into hotel use under an international brand, rather than renewing the existing leases upon expiry.