[Edaily Marketin KIM SUNG-SOO Reporter] “Mall of K,” a mixed-use shopping mall in Jayang-dong, Gwangjin-gu, Seoul, has found a new owner through a regular sale rather than a forced auction.

Aegis Asset Management’s strategy—to minimize investor losses through a direct sale rather than disposing of the asset at a bargain price via auction—has resulted in the actual transfer of ownership. The buyer is Jayang Ansim Housing, a special purpose company (SPC) established for rental housing development projects.

Konkuk University CGV Complex Shopping Mall: Ownership Transferred for 52 Billion Won

According to the financial investment industry on the 27th

,

the Aegis Asset Management real estate fund “Aegis Retail Real Estate Investment Trust No. 194” (hereinafter “Aegis 194”), which manages Mall of K, received the first installment of the balance from Jayang Ansim Housing on the 23rd and completed the transfer of ownership of the asset.

This transaction consisted of △ a deposit of 400 million won, △ a first installment of 47.6 billion won, and △ a second installment of 4 billion won. The asset purchase agreement was signed on the 4th of last month.

Mall of K is a mixed-use shopping mall located at 9-4

, and houses a CGV theater.

Initially, the Aegis No. 194 creditor group initiated voluntary foreclosure proceedings on the Mall of K to repay the debt. However, Aegis Asset Management determined that a sale through auction could actually increase losses for investors and persuaded the creditor group to shift course toward a regular sale.

This is because, if an auction were to proceed, there is a possibility that the asset would be sold at a low price, which could lead to greater losses for fund investors.

In fact, during the first auction for Mall of K held on February 2, the minimum selling price was 64,323,094,390 won. After that auction failed to attract a bidder, the minimum selling price for the second auction, held on March 23, was lowered by approximately 20% to 51,458,476,000 won.

This reserve price is also 20% lower than the appraised value (64,323,094,390 won). For the fourth auction, scheduled for June 15, the reserve price was set at 32,933,425,000 won—roughly half the amount of the first auction.

In contrast, the total sales price for the transaction with Jayang Ansim Housing is 52 billion won. This means Mall of K can be sold at a price higher than what it would fetch if sold at auction (51.4 billion won or less).

Final settlement remains, including “deduction of loan obligations and second installment”

However, if Jayang Ansim Housing assumes the fund’s existing loan obligations, that amount will be deducted from the first installment (47.6 billion won). Accordingly, the actual cash amount that Aegis No. 194 will receive as the first installment is 3.866413008 billion won, after deducting the debt amount and settling financial costs with the buyer.

Aegis Fund No. 194 will receive the cash remaining after the deduction within three business days of the date of title transfer.

Even after the transfer of ownership of the Mall of K assets, procedures for recovering the remaining purchase price and final settlement remain. The repayment amount and timing for Aegis Fund No. 194 investors will be determined based on the actual recovery of funds and the results of the final settlement.

Jayang Ansim Housing plans to resell the asset site to a third party after purchasing Mall of K from Aegis No. 194.

Aegis Fund No. 194 is scheduled to receive the second installment of the balance on the earlier of: △ within 7 days from the date Jayang Ansim Housing receives the resale proceeds from the third party; or △ December 31 of next year (subject to change if the buyer’s loan term is extended).

Depending on the amount of the resale proceeds and other factors, an additional settlement amount within a certain range may be added to the second installment. However, the final recovery amount for Aegis Fund No. 194 may decrease depending on whether the resale is successfully completed and the amount of the resale proceeds. In this case, the repayment of the principal investment may be reduced or may become difficult to make.

An official from Aegis No. 194 stated, “We will closely manage all relevant procedures to ensure the stable completion of the Mall of K transaction and the recovery of the balance,” adding, “We will carry out the necessary administrative tasks to ensure that the settlement of related debts and expenses, as well as the fund liquidation process, proceed smoothly.”