Koramco Asset Management and LG Uplus Establish Comprehensive Partnership for Data Center Business

Koramco Asset Management and LG Uplus announced on June 10 that they have signed a memorandum of understanding (MOU) to establish a cooperative relationship covering the overall development and operation of data centers.

The signing ceremony took place at the LG Uplus headquarters in Yongsan, Seoul. The event was attended by approximately 20 executives and employees from both companies, including Park Hyungseok, CEO of Koramco Asset Management, and Kwon Yonghyun, Head of the Corporate Division at LG Uplus. The two companies also held comprehensive discussions on topics such as methods for promoting data center projects, participation conditions, investment scale, and detailed roles.

Prior to the signing ceremony, in February, Koramco Asset Management and LG Uplus entered into a consignment operation agreement for the “K Square Data Center Gasan.” Under this agreement, LG Uplus will oversee the management of facilities and tenant companies at the data center currently being developed by Koramco.

The K Square Data Center Gasan is a massive Tier III data center being constructed on a 6,200-square-meter site within the Gasan Digital Complex in Seoul, with a total floor area of 41,214 square meters (approximately 12,496 pyeong). This data center, which Koramco Asset Management has been developing since 2021 with an investment of about 525 billion won, was recognized as the world’s top eco-friendly building last year after receiving a perfect score and a five-star rating from GRESB, the world’s most prestigious ESG evaluation agency?the first time a domestic data center has achieved this distinction.

Following the consignment operation agreement, Koramco Asset Management and LG Uplus plan to expand the scope of their cooperation to encompass all aspects of the data center business through the signing of this MOU. In fact, Koramco Asset Management is currently pursuing the development of multiple data centers in addition to the K Square Data Center Gasan, and collaboration between the two companies is expected to increase.

Park Hyungseok, CEO of Koramco Asset Management, stated, “Through the development of the K Square Data Center Gasan and this business agreement, we have laid the foundation for securing expertise in investment, development, and operation across the entire data center market.” He added, “Based on our expertise, technological capabilities, and financial strength in data centers, Koramco Asset Management will continue to secure a strong initiative in the rapidly growing data center investment market.”

Kwon Yonghyun, Head of the Corporate Division (Executive Vice President) at LG Uplus, explained, “This collaboration is significant in that it marks LG Uplus’s full-scale entry into the data center sector and is our first case of launching a customized infrastructure business.” He continued, “Through our industry-leading integrated services covering everything from design to operation, we will deliver differentiated value to customers in a variety of industries, including cloud, AI, and semiconductors.”