Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Anbang Unit Buys Seoul Tower From Angelo, Gordon for $225M

2018/01/01 by Michael Cole Leave a Comment

Metro Tower Seoul

Angelo, Gordon had purchased the Metro Tower for 170M won in 2013

An investment fund backed by Anbang Insurance’s Korean subsidiary has purchased the Metro Tower in Seoul from real estate fund manager Angelo, Gordon and Company and local partner Vestas Investment Management, according to accounts in the Korean media.

The fund invested by Tongyang Life Insurance and managed by South Korea’s ANDA Asset Management Co, is buying the 39,908 square metre commercial property near Seoul Station in the South Korean capital for 240 billion won ($225 million) after two different sets of investors backed out of deals last year.

The purchase is the first noteworthy acquisition by a unit of Anbang in several months, and follows reports in August last year that the prolific deal maker was being forced to sell off its portfolio of overseas properties, which includes New York’s Waldorf Astoria Hotel.

Anbang Buys Its Seoul Headquarters

Wu Xiaohui Anbang

Does this deal mean Anbang’s Wu Xiaohui is back in business?

Tongyang Life Insurance, which is 75 percent owned by Anbang, acquired the building by taking a majority stake in a fund run by South Korea’s ANDA Asset Management Co, according to local press accounts, with the deal said to have been signed on December 27th.

Anbang’s Seoul team should be familiar with the Metro Tower as the Chinese company is already the owner of the Korean branch of Allianz Life Insurance, which is a primary tenant of the 21-storey building. Other occupiers include Lotte Fire and Marine Insurance and some divisions of South Korea’s Finance Ministry. When Angelo, Gordon put the circa-1970 structure up for sale in 2016 it was reported to be 85 percent occupied.

The acquisition may be good news for Anbang in Korea, where in mid-2017 the mainland insurance giant had been embroiled in a lawsuit over a missed payment for Tong Yang Life Insurance, which it had acquired in 2015 for around $1 billion. Anbang picked up Allianz Korea Insurance in April 2016 for an undisclosed amount.

China has reined in it s most prolific cross-border real estate investors, including Anbang, Dalian Wanda and Fosun after capital outflows became a major economic security issue on the mainland in the past eighteen months.

Angelo, Gordon Exits Korean Deal

The disposal should count as a win for Angelo, Gordon after the US private equity firm teamed up with Vestas to buy the then GS Tower from local Korean company GS Engineering and Construction for 170 billion won in 2013.

Korea’s Emerson Asset Management had been selected as the preferred bidder for the Metro Tower in December 2016, before being forced to withdraw after it failed to secure adequate financing. Then in August last year Malaysia’s Employees Provident Fund backed out of an acquisition bid following North Korea’s test of an ICBM.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Outbound Investment Tagged With: Anbang Insurance, Angelo Gordon, daily-sp, Featured, holiday-sp, seoul, South Korea

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.

MTD TV

Sidhu PAG
Knight Frank, PAG, SLB, Yardi Spy Recovery Signals in Singapore Commercial Markets
Ivanhoe-Logos show thumbnail (1)
Ivanhoe, Logos and Warehouses as Economic Infrastructure: MTD TV

More MTD TV Videos>>

People in the News

singh-anshuman
Asia Real Estate People in the News 2025-06-16
Raymond Lee Paul Hastings
Law Partner Picks Up Hong Kong Home of Former Birmingham City Boss for $37M
Teo Chee Hean Temasek
Asia Real Estate People in the News 2025-06-09
Lincoln Pan Jardines
Asia Real Estate People in the News 2025-06-02

More Industry Professionals>>

Latest Stories

Far East Orchard CEO Alan Tang
Singapore’s Far East Orchard Hits $130M Final Close of UK Student Housing Fund
Cheng Kar-Shun, NWD
New World Nears $11B Refinancing Deal and More Asia Real Estate Headlines
Praveen Choudhary of Morgan Stanley
Morgan Stanley Flags Signs of Hong Kong Housing Turnaround

Sponsored Features

How to Create a Win-Win for Investors and Occupiers
Lingeage Logistics Cold Storage Complex
Mount Maunganui Cold Storage Facility for Sale
7 in 10 Senior Directors Confident in Data Centres, but Talent Shortage Will Widen

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse