Kamco Takes First Step in Entrusted Development of Public Institution Property with KEPCO Branch Office Building Project
Approximately 80 Billion KRW Invested in Aging KEPCO Gwanak-Dongjak Branch, Including Startup Support Facilities
[Asia Economy Reporter Park Sun-mi] On the 12th, Korea Asset Management Corporation (KAMCO) signed a 'Trust and Consignment Contract for the Utilization Project of the KEPCO Gwanak Dongjak Branch Site' worth approximately 80 billion KRW with Korea Electric Power Corporation (KEPCO) at the KEPCO Art Center, attended by Moon Sung-yu, President of KAMCO, and Kim Jong-gap, President of KEPCO.
This project is the first public institution complex development project promoted by KAMCO. In cooperation with KEPCO, KAMCO plans to invest about 80 billion KRW in the KEPCO Gwanak Dongjak Branch site to construct a complex building consisting of startup support facilities, retail facilities, and officetels with a total floor area of 32,131㎡, 20 floors above ground and 6 floors underground, scheduled for completion by March 2025.
KAMCO will be responsible for financing and building construction to supply necessary facilities in a timely manner, promoting the project through a 'consignment development' system that recovers development costs through rental income, while KEPCO will secure the latest complex building without initial capital investment.
In particular, since KAMCO plans to provide startup support facilities for energy sector startups in this project, it is expected to support the government's Green New Deal policy, revitalize the local commercial district, and contribute to the creation of new jobs.
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Moon Sung-yu, President of KAMCO, said, "I hope this project will activate consignment development projects by public institutions," and added, "Along with efforts such as revising related laws, we will strive to enhance the value and utilization of public assets through the activation of consignment development by public institutions and to restore economic vitality through job creation."
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