Kumho sells off Daewoo building

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Kumho sells off Daewoo building

Kumho Asiana Group said yesterday it signed a deal with the property fund of Morgan Stanley to sell the headquarters building of Daewoo Engineering & Construction Co. for 960 billion won ($1.04 billion)
The deal also calls for Daewoo Engineering to renovate the 23-story building that was completed in 1977, the group said in a regulatory filing, adding the renovation cost is estimated at 200 billion won.
Kumho Asiana, the eighth-largest family-run conglomerate in Korea, bought Daewoo Engineering for 6.42 trillion ($6.8 billion) in November last year.
Yonhap
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