Fund set up by Mark Asset Management to acquire Bluewon golf courses (Yongin CC, Sangju CC) for KRW 260bn (terminated)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $179m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- Bluewon golf courses (Yongin CC, Sangju CC) · Golf course operation
- Buyer
- Fund set up by Mark Asset Management · 기타
- Seller
- Bluewon (Taeyoung Group)
- Structure
- —
- Announced
- Jan 19, 2024
- Closed
- —
- Stage
- Terminated
Target
Two golf courses (Yongin CC and Sangju CC) owned and operated by Bluewon, a Taeyoung Group affiliate.
Deal rationale
Per Asia Economy, the two courses were slated for sale under the Taeyoung E&C workout self-rescue plan; the proposed deal with a Mark Asset Management fund (about KRW 260bn) was a sale-and-leaseback in which Bluewon would also invest KRW 40bn in the fund's common equity and hold a buyback right, which creditors called a 'parking deal'. Per IB Tomato and Smart Today, the deal did not proceed due to disagreement over senior secured loans, and in February 2024 TY Holdings instead executed a three-year sale-and-leaseback securitization with a mid-sized builder (KRW 200bn gross, KRW 140bn net after repaying a KRW 60bn loan).
Press coverage
- 아시아경제 (2024-01-19): “이번 거래는 매각이라기보다는 골프장 담보대출과 마찬가지”
- 딜사이트(아시아경제 인용) (2024-01-19): “골프장 2곳의 매각 가격은 2600억원 내외로 알려졌다.”
- 뉴스토마토(IB토마토) (2024-02-28): “3년 만기의 세일즈 앤 리스 백(Sales&Lease back) 방식으로”
- 스마트투데이 (2024-02-23): “지난 달부터 마크자산운용과 자산유동화를 추진했지만 다수의 펀드 투자자를 모집하여 약정하는데 시간이 지체되던 중”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.