[Asia Economy Reporter Park Ji-hwan] Hi Investment & Securities announced on the 17th that it has successfully completed the project financing (PF) underwriting worth 2.5 trillion KRW as a joint financial lead manager for the Seoul Magok MICE (Meetings, Incentives, Conferences, and Exhibitions) Complex Development Project.
The Magok MICE Complex Development Project is a development on an approximately 83,000㎡ site at 767 Magok-dong, Gangseo-gu, consisting of 18 buildings with 15 floors above ground and 7 basement levels, totaling approximately 827,000㎡ of gross floor area. The project includes office spaces, retail, residential lodging facilities, senior welfare housing, and hotels.
The Lotte Construction consortium, which includes Hi Investment & Securities, Meritz Securities, Lotte Construction, and SDAMC, was finally selected as the project operator by SH Corporation in November 2019 through a competitive bidding process. After completing land acquisition and building permits, they have been raising a total of 2.5 trillion KRW in PF loans to finance construction and other project costs.
On this day, Hi Investment & Securities, along with 43 domestic financial institutions including Meritz Securities, Kyobo Life Insurance, DB Insurance, and the National Credit Union Federation of Korea, participated as the lending syndicate and completed the PF fundraising.
A PF manager at Hi Investment & Securities stated, "The Magok MICE Complex is located in a triple station area served by Subway Line 9, the Airport Railroad at Magoknaru Station, and Line 5 at Magok Station, offering excellent transportation accessibility. Its proximity to major office facilities is also high, and it is expected to become a representative landmark in the southwestern area of Seoul."
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