Koramco Launches Full-Scale Operations with Inauguration of Gasan Data Center

Rare New Data Center in Central Seoul Amid Stricter Metropolitan Development Regulations
Data Center Division Leads IDC as a Core Growth Investment Focus

On September 26, Koramco Asset Management held an inauguration ceremony for the "K Square Data Center Gasan" in Gasan-dong, Geumcheon-gu, Seoul, officially launching its operations. This project marks Koramco's first data center business in which the company directly purchased the land and led the development, reaching fruition four years after its initiation in 2021.

Approximately 100 people attended the ceremony, including Park Hyungseok, CEO of Koramco Asset Management, as well as representatives from Hyundai Engineering & Construction, LG Uplus, and Kiwoom Securities. The event began with an opening declaration, followed by congratulatory remarks, a ribbon-cutting ceremony, and a tour of the center. It served as a meaningful occasion to announce Koramco's expanded investment in data centers and the official launch of the Gasan IDC.

The Gasan IDC was constructed on a 6,141-square-meter site, with a total floor area of 41,214 square meters, spanning 14 floors from three basement levels to 11 above-ground floors. The building stands 84.7 meters tall and was built using a steel-reinforced concrete structure. The facility can accommodate a total of 2,446 server racks, with an IT load capacity of 26MW (megawatts). By allocating different numbers of server racks on each floor and efficiently distributing power demand, the center can operate stably even in high-density environments.

Hyundai Engineering & Construction was responsible for the construction, incorporating advanced energy and safety technologies such as high-efficiency cooling, real-time energy monitoring, and natural cooling pre-cooling systems. LG Uplus, one of Korea's top telecommunications operators, manages the data center’s operations, ensuring both physical stability and operational sophistication.

The facility has secured a total power receiving capacity of 40MW from Korea Electric Power Corporation and is equipped with a dual power supply system, receiving electricity from both the Daerim and Daebang substations nearby. The cooling system also employs direct liquid cooling technology, designed to maintain global best-in-class energy efficiency.

Recently, new data center supply in Seoul has been extremely limited due to power supply constraints and regional regulations. The Gasan IDC is expected to become a key infrastructure asset-rare for central Seoul-that can immediately respond to the explosive market demand for AI, cloud, and big data services.

With excellent accessibility to the Gangnam and Pangyo IT Valleys, the center is expected to capture demand from global cloud service providers and major domestic IT companies.

Unlike competing asset managers that acquire and operate completed data centers, Koramco has internalized the entire value chain-from site identification and financing to design, permitting, construction, asset management, and facility operation. The company has established a dedicated "Data Center Division." Koramco plans to launch a 1 trillion won blind fund dedicated to data centers and pursue the first-ever data center REITs listing in Korea, thereby offering investors stable investment opportunities.

In addition to the Gasan IDC, Koramco is simultaneously pursuing large-scale data center developments across the Seoul metropolitan area and Busan. In Seonggok, Ansan, Gyeonggi Province, the company is developing a large-scale IDC with approximately 40MW capacity in partnership with DCI, a subsidiary of global alternative investment manager Brookfield. In the Yonghyeon Industrial Complex in Uijeongbu, a Tier III large-scale data center with a total floor area of about 25,000 square meters is under development.

In Jangnim-dong, Saha-gu, Busan, Koramco plans to begin construction on a massive data center with a total floor area of about 46,900 square meters and a power receiving capacity of 40MW. Leveraging Busan's position as Korea's largest telecommunications hub city, the company expects to attract demand from global cloud service providers.

Centered around the Data Center Division, Koramco plans to secure approximately 5 trillion won in funding by 2028 and achieve a total of 10 trillion won in data center investments by 2032. The company aims to become the only asset manager in Korea to independently operate a power receiving capacity of about 1.4GW (gigawatts) and a 1GW IT load. In the long term, Koramco envisions providing investors with stable and sustainable returns through the listing of a specialized data center REIT.

Park Hyungseok, CEO of Koramco Asset Management, stated, "The official launch of K Square Data Center Gasan is a testament to Koramco’s independent expertise across the entire data center development and operation process." He added, "By supplying rare new data centers in Seoul, we will offer both stability and differentiation to domestic and international investors, and position ourselves as Korea’s leading digital infrastructure investment platform."