Dongjak District Selects IMM Investment Consortium as Preferred Negotiation Partner for Noryangjin Government Office Site Development

Dongjak District in Seoul (District Mayor Park Ilha) announced on August 14 that it has selected the IMM Investment Consortium as the preferred negotiation partner for the Noryangjin-dong 47-2 area former government office site complex development project.

Perspective view of the Noryangjin Government Office Site Complex Development Project (draft). Provided by Dongjak District Office.

원본보기 아이콘

Dongjak District held a public bidding process for private sector participants last month with the goal of creating a new landmark in Noryangjin. The IMM Investment Consortium was the sole bidder and submitted its proposal. The final selection was confirmed after a review by the selection committee held on August 8.

The district evaluated the selection of a consortium led by a financial investment company as recognition of the long-term value and development stability of the Noryangjin government office site.

IMM Investment, the lead arranger, is a leading domestic financial and venture capital firm with 8 trillion won in assets under management (AUM). It has a proven track record of discovering and nurturing unicorn companies such as Toss, Krafton, and Zigbang.

According to the project proposal, the development will feature a building with seven basement levels and 44 above-ground floors, housing residential apartments, officetels, educational and research facilities, and neighborhood amenities. The Seoul National University Advanced Convergence Studies Campus is also scheduled to move in.

Dongjak District assessed that the proposal effectively leveraged the site's locational advantages, including transportation and environmental factors, and plans to accelerate follow-up procedures now that the preferred negotiation partner has been selected. The district plans to sign a memorandum of understanding with the IMM Investment Consortium next month, complete the land sale contract, and finish preparations for groundbreaking.

Park Ilha, Mayor of Dongjak District, stated, "The participation of the nation's top financial venture capital firm proves the competitiveness of the Noryangjin government office site," adding, "We hope this will mark the beginning of a new future in Dongjak District."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.