Kumho Investment Bank to buy AIG's New York buildings

SEOUL, June 10 (Yonhap) -- A financial unit of South Korea's Kumho Asiana Group
said Wednesday it is forming a consortium to buy the headquarters building of
troubled American International Group, Inc. (AIG) and its annex in New York.

Kumho Investment Bank said that it and Yongwoo & Associates, a New York-based
estate developer, have won an international bidding for the 66-story high rise
and the annex, both of which are in central Manhattan.
"We are now close to forming a consortium with big financial firms, pension funds
and other state funds," Kumho Investment Bank said. "We are also seeking to
invite foreign investors to the consortium."
The company did not disclose financial terms of the deal. The market price of the
two buildings is estimated at US$400 to $500 million.
The main office building is connected by a skywalk to its smaller building,
totaling 1.26 million square feet of floor space, according to Kumho Investment
Bank.
U.S. insurance giant AIG is raising money by selling its assets to repay state
debts after receiving bailout money from the U.S. federal government.
pbr@yna.co.kr
(END)