ABL Life Insurance Selling Yeouido Tower Office Building for Estimated 350 Billion Won

According to Seoul Economic, ABL Life Insurance is selling its Yeouido Tower office building in Seoul as part of financial restructuring following its acquisition by Woori Financial Group. The company sent out requests for proposals to major advisory firms and plans to select the underwriter this month, according to the investment banking industry.

The 23-story building, completed in 1998 with a total floor area of 39,457 square meters, is expected to trade at approximately 350 billion won based on per-unit pricing of 30 million won per pyeong. The transaction could reach up to 400 billion won if competitive bidding intensifies. The asset sale is linked to the planned merger between ABL Life Insurance and Dongyang Life Insurance under Woori Financial Group.