Chamjoeun Holdings Secures 54 Billion KRW Project Financing for Bucheon Frozen Warehouse

[Asia Economy Reporter Lim Jeong-su] Real estate development corporation Chamjoeun Holdings has raised 54 billion KRW in funds for the Bucheon logistics center development project.

According to the investment banking (IB) industry on the 14th, Chamjoeun Holdings received a 54 billion KRW project financing (PF) loan on the 10th from a consortium of Hyundai Motor Investment Securities, KTB Investment & Securities, and Kyobo Securities.

The loan was divided into senior loan of 33 billion KRW, mezzanine loan of 9 billion KRW, and subordinated loan of 12 billion KRW according to collateral and repayment priority.

The raised funds will be used to construct a logistics center including a refrigerated warehouse and ancillary facilities from basement level 2 to ground level 6 on eight parcels of land at 207-1 Naedong, Ojeong-gu, Bucheon-si, Gyeonggi-do.

Chamjoeun Holdings plans to select a construction company and begin construction of the logistics center in August, aiming for completion in January 2023.

Hyundai Motor Investment Securities acquired the mezzanine loan of 9 billion KRW, while KTB Investment & Securities and Kyobo Securities each acquired 6 billion KRW of the subordinated loan through a special purpose company (SPC) and securitized it.

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