Hana Financial Group to Provide Total Support of 495 Billion Won
Securing Funds Through Strategic Partnership, Synergy Expected
Aiming to Open in 2028... Multi-Entertainment Complex Planned
On July 8, Shinsegae Property announced that it had signed a joint investment agreement with Hana Financial Group and the global investment firm Bain Capital for the construction of the Starfield Cheongna mixed-use shopping mall.
Under this agreement, Shinsegae Property will invest 300 billion won directly, while Hana Financial Group will participate by contributing 225 billion won through the Capstone Asset Management Fund, which was established for the development investment of Starfield Cheongna. Bain Capital plans to invest 70 billion won directly, making the total joint investment approximately 600 billion won. As a result, the equity structure of Starfield Cheongna will consist of 50% held by Shinsegae Property, 40% by the Capstone Asset Management Fund, and 10% by Bain Capital.
Hana Financial Group is a leading domestic financial holding company providing comprehensive financial services including banking, securities, insurance, and asset management. For this investment, both its banking and securities divisions will participate. Hana Financial Group will also provide an additional 270 billion won in the form of subordinated loans, bringing its total support to 495 billion won. Hana Financial Group has developed the large-scale financial complex 'Hana Financial Town' in Cheongna International City, Seo-gu, Incheon, which serves as the location for its headquarters, data center, and global campus. Located just across a main road from Starfield Cheongna, it is being highlighted as a key driver of economic and infrastructure development in the Cheongna area.
Bain Capital is a leading global private equity firm with approximately 185 billion dollars in assets under management (AUM). Bain Capital has extensive investment experience in the Korean market and has worked with leading companies in the hospitality and leisure sectors to drive sustainable growth.
Starfield Cheongna will be the world's first multi-entertainment complex to combine a multi-stadium (domed arena), an ultra-large mixed-use shopping mall, a hotel, and a swimming pool within a single building. In particular, the state-of-the-art multi-stadium, with a seating capacity of 23,000, will host a variety of sporting events including baseball, as well as diverse cultural and art exhibitions, and performances by K-Pop artists and internationally renowned performers.
In addition to enhancing the spectator experience, the complex will feature more than 350 different brands, a variety of sports facilities including an infinity pool, and a diverse array of cultural content that integrates the lifestyle and digital technology preferences of the MZ (Millennial + Generation Z) demographic.
Lim Youngrok, CEO of Shinsegae Property, stated, "With Hana Financial Group, Korea's leading financial group and a neighbor in Cheongna International City, and the global investment firm Bain Capital joining as partners, we expect to create not only strong financial synergy but also secure a global growth engine. Starfield Cheongna will go beyond being a mixed-use shopping mall to become the world's first next-generation leisuretainment facility, establishing itself as a K-culture landmark that attracts visitors from around the globe."
Starfield Cheongna completed its revised construction permits following design changes in October 2024 and is currently undergoing structural work. The project aims for completion in 2027 and opening in 2028.
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