The RSQUARE–Acretree–Shinyoung Asset consortium announced on the 11th that IGIS KORIF Private Real Estate Investment Trust No. 10 has completed the sale of G Valley Biz Plaza, a landmark mixed-use property in southwestern Seoul, to IGIS Asset Management.

G Valley Biz Plaza appointed the RSQUARE–Acretree–Shinyoung Asset consortium as its sales advisor in August last year and proceeded with a bidding process in October.

Subsequently, IGIS Asset Management acquired the property through a share-deal structure, with the Government Investment Corporation of Singapore (GIC) participating as an equity investor. The transaction was valued at 416 billion won, equivalent to approximately 14.23 million won per 3.3㎡.

G Valley Biz Plaza was developed by the Korea Industrial Complex Corporation on the site of a former bonded warehouse within the Guro Digital Industrial Complex.

The project was completed in July 2014. Prior to completion, IGIS Asset Management pre-acquired the property from Kolon Global in 2013 for 267 billion won. Since then, it has been held through Igis KORIF Private Real Estate Investment Trust No. 10.