This move reflects Erae’s desire to increase its presence in China by strengthening cooperation with China’s deep-pocketed company. Erae Automotive signed an agreement to sell a 50-percent stake in its automotive air-conditioning business to HT-SAAE, a subsidiary of CASC.
To this end, Erae will divide itself into two parts--automotive electronics as well as chassis and air-conditioning business. The board of directors for the automotive air-conditioning business will be established on a 50:50 basis between Erae and HT-SAAE but the CEO will be appointed by Erae.
Erae’s automotive air-conditioning business has annual sales of about 500 billion won. The corporate value of the air-conditioning business is estimated at several hundreds of billions of won.
Singapore’s Ascendas-Singbridge Group closed the acquisition of a newly-built office building in Seoul for S$124.3 million ($92.3 million) this week, in what appears to be an opportunistic investment. Ascendas sees long-term potential in the 19,578-square-meter ICON Yeoksam tower, built in&hellip
The Military Mutual Aid Association, the Employment Insurance Fund and an unidentified South Korean institutional investor have committed a total of $110 million to LaSalle Investment Management’s 804 million-pound ($1 billion) debt fund focusing on the UK and western Europe.&hellip
Private equity firm KKR & Co. and the Public Officials Benefit Association (POBA) have put two commercial buildings in South Korea up for sale separately, in transactions expected to fetch a combined $1 billion and in what would be KKR’s&hellip