Mastern Asset Management, 340 Billion KRW PF for Gimpo Hakun Logistics Center Development

Hana Financial Investment and Hana Trust Participate
SK Ecoplant to Complete Construction Within 30 Months

Aerial View of Gimpo Hagun 5 General Industrial Complex

[Asia Economy Reporter Lim Jeong-su] Maston Investment Management, which is aggressively investing in logistics complexes in Gyeonggi Province, has secured 340 billion KRW in development funds (PF) for the construction of a logistics center within the Hakun Logistics Complex in Gimpo, Gyeonggi Province. SK Ecoplant (formerly SK Construction) will take charge of construction and officially begin building the logistics center.

According to the investment banking (IB) industry on the 26th, the project-specific corporation ‘Maston No.93 LogisPoint Gimpo PFV’ received a credit line loan of 330 billion KRW from a consortium of financial institutions. The loan was disbursed in tranches according to repayment and collateral priority: senior tranche of 310 billion KRW, mezzanine tranche of 20 billion KRW, and junior tranche of 10 billion KRW. The loan maturity is four years.

Maston No.93 is the project developer established to develop the logistics center within the Hakun 5 General Industrial Complex in Gimpo City, Gyeonggi Province. Alongside Maston Investment Management, Hana Asset Trust, Hana Financial Investment, and SK Ecoplant participated as investors.

The funds raised through the PF will be used for the logistics center development project costs and other expenses. SK Ecoplant, which is both an investor and the construction company, will commence construction in February next year. The logistics center will be built on the acquired land within the Gimpo Hakun 5 General Industrial Complex, consisting of six above-ground floors with a total floor area of approximately 198,998 square meters (61,970 pyeong).

SK Ecoplant has provided a completion guarantee agreement for the PF loan. The agreement stipulates that within 30 months (2 years and 6 months) after payment, the logistics complex must be completed and receive occupancy approval. If the completion approval is not obtained within the deadline, SK Ecoplant will be responsible for the PF debt.