Korea's biggest oil refining concern, SK Corp., is set to sell its Seoul-headquarters to a special purpose vehicle for W450 billion ($437 million), company officials said last week. SK Corp. is selling assets partly to offset the $3.1 billion takeover of domestic rival, Incheon Oil Refinery, completed last month.

The company has hired Shinhan Bank to arrange its securitization, collateralized by rental income derived from the building for the next five years. Sources indicate that Merrill Lynch will act as sole investor for the transaction, adding to the bank's investments in several recent Korean consumer finance securitizations.

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