South Korea’s Shinhan Card completes sale of Seoul office building for KRW800 bil
The transaction signals continued core-investor demand for prime offices with stable long-term occupancy, despite rising interest rates and a highly selective investment market.
Shinhan Card sold Seoul’s Pine Avenue Tower A to MDM Asset Management for KRW800 billion through a sale-and-leaseback with a 10-year lease.
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Shinhan Card has completed the sale of Pine Avenue Tower A, a prime office building in Seoul, South Korea, for KRW800 billion (around $762 million).
Colliers advised on the deal. In an Oct 5 release, it called the sale "one of the largest transactions of its kind in 2026."
The South Korean credit card company divested the building, which serves as its headquarters, to MDM Asset Management through a sale-and-leaseback arrangement. MDM Asset Management is an investment firm under MDM Group, a South Korean real estate and finance conglomerate.
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Shinhan Card had acquired Pine Avenue Tower A for KRW521.5 billion in 2020 from the State Oil Fund of the Republic of Azerbaijan.
The company will continue using the building as its headquarters through a 10-year lease.
“Despite a highly selective investment landscape driven by rising interest rates, we successfully unlocked the true value of Pine Avenue Tower A by structuring a stable, long-term sale-and-leaseback that appealed directly to core investors,” said Sungwook Cho, Colliers’ managing director and head of capital markets and investment services for Korea.
Colliers has helped broker several office asset sales in Korea this year, including Eulji Twin Tower, Hana Insurance Building and Gangnam 358 Tower.
The sale of Pine Avenue Tower A brings the combined value of office deals the firm has advised on to KRW 3.42 trillion, according to the firm.