Asiana Airlines (OZ, Seoul Incheon) has sold its headquarters in Seoul to DWS, Deutsche Bank's asset management arm, for KRW418 billion won (USD387.2 million), the carrier has said in a filing to the KRX stock market.
The transaction is part of the company's financial reform programme, drawn up in consultation with the Korea Development Bank (KDB), one of Asiana's major creditors.
The programme should lead to Asiana improving its financial standing by securing additional liquidity through the sale of non-core assets, the issuance of convertible bonds and permanent debt, and dramatically improving its short-term borrowings by expanding its capital base.
The objective is to prepare the company for an increase in the debt-to-equity ratio due to changes in local accounting protocols (K-IFRS).
