Kumho Asiana Group named Deutsche Asset Management as the preferred buyer of its headquarters in Seoul. The funds earned from sale will be used to "boost liquidity" for the group's main business unit, Asiana Airlines.
The agreement is expected to be firmed by the end of March 2018 at the earliest, with the price estimated between 400-500 billion won.
Asiana Airlines, which holds an 80% stake in the building, is expected to benefit with an injection of 300 billion won in cash, helping pay down about 420 billion won in debt raised via money markets.
Asiana Airlnes' total debt was 4.4 trillion won at the end of 3Q 2017.
Asiana is also expected to raise another 150 billion won, should it opt to sell its 4.99% share in CJ Korea Express.
The Group, along with its subsidiaries, including Asiana Airlines and Air Seoul, are expected to move to another building nearby.