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DSME sells Seoul headquarters building for $149m

DSME sells Seoul headquarters building for $149m
Daewoo Shipbuilding & Marine Engineering (DSME) has sold its headquarters building in downtown Seoul, South Korea for KRW170bn ($149m) to a local asset manager Koramco, reports said.

DSME had signed a memorandum of understanding with Koramco in May this year over the sale of the building.

The shipbuilder, which is still occupying the entire building, will continue to lease the property but is expected to vacate part of the building’s office units to cut cost.

The latest asset sale is part of DSME’s broader efforts to bring down cost amid the severe downturn of the shipbuilding industry.

The group is also significantly cutting its workforce and seeking to dispose of other non-core assets.

In the first half of this year, DSME suffered a net loss of KRW1.19trn. In 2015, it posted a loss of KRW3.31trn.

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