SEOUL, KOREA - The Gwanghwamun State Tower Building has finally found a new owner after four months of drift due to ownership dispute. According to investment banking sources on June 6, Shinhan BNP Paribas Asset Management bought the 23-story building at 220.5 billion won from KORAMCO REITs & Trust.
In December 2008, Shinhan BNP Paribas was supposed to purchase the building. But the deal was not closed as the CEO of the construction contractor, Dongrim Planning & Development, had been arrested for fraud and embezzlement. Since that time on, ownership strife has raged on until now.
Even though the building was completed in February this year after three years of construction, the new principal contractor Kumho Industrial was unable to collect rent for four months without a tenant.
Shinhan BNP Paribas did not pay the remaining balance after the initial contract in 2008. On May 29, however, it signed a main contract with full payment on the 31st.
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