Busan Southern Area Knowledge Industry Center 'Pentaflex Busan' 88 Billion PF

[Asia Economy Reporter Lim Jeong-su] Project financing (PF) funding for the development of the knowledge industry center in the southern region of Busan, ‘Pentaflex Busan,’ has been secured.

According to the investment banking (IB) industry on the 5th, SA Venture Valley Co., Ltd. received a development loan of 88 billion KRW, led by Shinhan Bank. The loan maturity is three years.

The funds raised will be used to build the Pentaflex Busan knowledge industry center on a factory site of 10,036㎡ (3,036 pyeong) located at 493 Sinpyeong-dong, Saha-gu, Busan Metropolitan City, within the Jangnim Industrial Complex.

Pentaflex Busan will be constructed with one basement floor and 15 above-ground floors, with a total floor area of 86,308㎡ (26,000 pyeong). The plan is to create a business-specialized complex including office spaces, apartment-type factories, and smart logistics facilities.

Hoban Construction has been entrusted with construction and will bear the responsibility for completion. If the usage permit is not obtained within the deadline, the construction company will be responsible for repaying the principal and interest of the PF loan on behalf of the developer.

Shinhan Bank, the PF lead manager, provided credit support to the special purpose company (SPC) established for the securitization of the PF loan during the securitization process.