Macquarie Asset Management Joins Starfield Changwon... Accelerating Business Progress

Investment Proceeded as Joint Venture Partner... 50:50 Equity Participation with Shinsegae Property
Building Design Change Approval Expected to be Completed Within the Year

Global investment management firm Macquarie Asset Management is participating as a joint investor in Starfield Changwon.

On the 30th, Starfield Changwon announced a paid-in capital increase of approximately KRW 64.5 billion through a blind fund managed by Macquarie Asset Management. At the same time, Shinsegae Property, which currently holds 100% of the shares of Starfield Changwon, also announced a paid-in capital reduction of about KRW 64.5 billion. As a result, Starfield Changwon and Macquarie will operate the business with a 5:5 equity ratio.

Aerial view of Starfield Changwon.
[Photo by Shinsegae Property]

Through this investment, Starfield Changwon expects to secure stable funding and gain support throughout the business by acquiring a major shareholder with diverse experience and financial expertise.

Macquarie Asset Management, which started in Australia, currently provides asset management and financial services in more than 23 countries. It entered Korea in 2000 and is investing in infrastructure projects such as mobility, digital, energy, and healthcare.

Starfield Changwon is planned as a complex mall with a total floor area of 217,000㎡ from basement level 4 to the 9th floor, where visitors can enjoy shopping, culture, entertainment, and sports facilities all in one place. In particular, the 'Byeolmadang Library,' which is only available at Starfield COEX Mall and Suwon locations, will be established for the first time in the region at Starfield Changwon.

A representative of Starfield Changwon stated, "With Starfield Changwon and global investment management firm Macquarie Asset Management working together, the business will be operated more stably," adding, "We will accelerate the project to ensure the successful opening of Starfield Changwon and strive to establish it as a landmark in the region."

Meanwhile, Starfield Changwon passed the traffic impact assessment with conditional approval on the 29th of this month due to design changes. The construction design change permits are expected to be completed within this year, after which the construction will proceed at an accelerated pace.