Central City acquires a stake in Seoul Express Bus terminal

Central City, a large shopping complex in Gangnam whose biggest stakeholder is Shinsegae, has acquired a 38 percent stake in Seoul Express Bus Terminal, Shinsegae Group said yesterday.

Central City bought 1,486,236 of the 3,836,574 shares of the Seoul Express Bus Terminal formerly held by SEBT Investment Company.

The acquisition cost a total of 220 billion won ($197.1 million) and makes Central City the terminal’s largest shareholder.

“We decided to make the investment considering the mutual synergy for developing the terminal land in the long term, since the Seoul Express Bus Terminal with the Gyeongbu [Seou-Busan Railroad] line is connected to Central City with Honam [Seoul-Mokpo Railroad] Line,” said Central City.

Seoul Express Bus Terminal is located in Banpo-dong, Seocho-gu, southern Seoul, and has a main building, new building and stopover station.