Standard Chartered : Private Equity leads USD43.5 million real estate investment in Korea

Back to results

28/03/2017Business/ Global

Standard Chartered Private Equity's real estate unit, Principal Finance Real Estate, has led a real estate investment, together with GS Retail Co., Ltd ('GSR'), to acquire a 5,853 sqm site located in Insadong, Seoul. This USD43.5 million (KRW50 billion) site is slated for development into a mixed-use, integrated retail and hotel complex with a gross floor area of 45,338 sqm (the 'Project'). The site is being acquired from Samsung Fire & Marine, who will continue to participate in the Project as a finance provider. Construction of the Project is scheduled to commence in May 2017.

The Project is expected to become a new entertainment landmark in the Insadong area in Seoul. Insadong is one of the most established retail and cultural locations in Seoul, located adjacent to the central business district and ranked as the third most-visited retail destination in Korea. Once completed, the Project will be a unique attraction for both local and foreign visitors offering the most diverse range of retail products, quality dining and entertainment amenities, top quality hotel services, and a large-scale cultural and exhibition facility.

GSR is serving as the Project's development manager and will continue to manage the retail component of the Project upon completion. GSR is one of the largest retailers in Korea with deep hands-on retail development knowledge and operating experience. GSR's subsidiary, Parnas (a business hotel operator), will manage and operate the Project's hotel component upon completion.

For further information please contact:

Valerie Tay
Director, Corporate & Institutional Banking Communications
Standard Chartered Bank
+65 6596 9284
valerie.tay@sc.com

Note to Editors

Standard Chartered Private Equity

SCPE is the private equity arm of Standard Chartered Bank. SCPE provides companies with expansion capital and acquisition finance and also finances management buy-outs. SCPE focuses on companies whose principal operations and management are located in Asia, Africa or the Middle East. It is an active partner that provides board-level strategic advice and access to the international network of Standard Chartered Bank. Since inception, SCPE has invested over USD6 billion in over 100 companies across the Standard Chartered Bank global footprint.