Canada Pension Plan Investment Board and GIC Pte. Ltd. signed a memorandum of understanding to acquire Kumho Asiana Main Tower from Asiana Airlines, Inc. (KOSE:A020560), DB Insurance Co., Ltd. (KOSE:A005830) and Well to Sea Investment Co., Ltd. on March 14, 2018. Kumho Asiana Main Tower Co., Inc will sell 80% stake while Well to Sea Investment and DB Insurance will sell 15% and 5% respectively.

The signing agreement will take place by the end of this March 2018. Canada Pension Plan Investment Board and GIC Pte. Ltd. agreed to acquire Kumho Asiana Main Tower from Kumho Asiana Main Tower Co., Inc. for approximately KRW 420 billion on May 9, 2018.

Canada Pension Plan Investment Board and GIC Pte. Ltd. will each own 50% stake in Kumho Asiana Main Tower. The property will be managed by Deutsche Asset Management.

The proceeds would be used to pay off debts of Asiana Airlines that has been suffering from financial struggles.