SEOUL, KOREA - Samsung C&T said on March 14 that it signed a 350-billion-won agreement with Woori Investment & Securities to acquire the 100-percent stake in Seoul Lakeside Co., the operating company of Seoul Lakeside Country Club, jointly with Samsung Everland. The share of Samsung C&T is 80 percent with the remaining 20 percent to be taken over by Samsung Everland.

 

 

Samsung C&T will leave the management of the golf club to Samsung Everland while using the surplus land of about 260,000 square meters for leisure facility development. The distance between the golf club and the Everland theme park is only 14 kilometers. It is only 10 kilometers as the crow flies. If the Samsung companies build hotels and other amenities in the land while linking them with Everland and Glen Rose Golf Club run by Samsung Everland, it idea goes, it would create a grand theme park.

 

Currently Samsung Everland operates a total of four country clubs across the country including ones in Anyang, Gapyeong, Anseong, and Glen Rose. Samsung C&T runs one country club in Dongrae near Busan. Once the Samsung companies acquire the Lakeside Country Club, the total number of country clubs under Samsung management will be six with 162 holes from 108.

 

Once the deal goes through as planned, Woori Investment & Securities and other investors will be able to recoup their investment after seven years. But the investors are not happy with the outcome as the original asking price was in the range of 1 trillion won.