GS Construction Subsidiary GPC Signs 300 Billion KRW MOU with Kendal Square Asset Management

At the business agreement ceremony held on the 21st at the Kendal Square headquarters, Huh Yoonhong, CEO of GS Construction New Business Division (left), and Nam Sunwoo, CEO of ESR Kendal Square Co., Ltd. (right), are posing for a commemorative photo. (Provided by GS Construction)

[Asia Economy Reporter Kim Hyemin] GPC, a precast concrete (PC) manufacturing subsidiary of GS Engineering & Construction, announced on the 22nd that it has secured exclusive priority negotiation rights for PC material supply worth approximately 300 billion KRW from Kendal Square Asset Management, a global real estate specialized asset management company.

GPC signed a "business agreement for PC material supply" yesterday at Kendal Square's headquarters in Yeouido, Seoul. The event was attended by Heo Yunhong, Head of New Business Division at GS Engineering & Construction, and Nam Sunwoo, CEO of ESR Kendal Square.

The agreement is valued at about 300 billion KRW, under which GPC will have priority in supplying PC materials for logistics center projects developed by Kendal Square over the next three years. Through this agreement, Kendal Square expects to achieve shortened project schedules and cost reduction effects by optimizing PC design.

A GS Engineering & Construction official stated, "Kendal Square highly evaluated GPC's capability to stably supply PC for the ongoing Pyeongtaek Poseung Logistics Center, as well as its strengthening of ESG management by introducing Korea's first mineral carbonation carbon-reducing concrete manufacturing technology, which led to the promotion of this agreement."

GPC completed its factory in Eumseong, Chungbuk, in July last year and began mass production of PC. Currently, it supplies PC to numerous sites including large logistics centers, semiconductor factories, and underground parking lots. It is the only company in the domestic PC industry to have obtained all ISO certifications related to quality and safety.

Heo Yunhong, Head of New Business Division at GS Engineering & Construction, said, "We will do our utmost to create synergy between the two companies by not only providing stable PC material supply for Kendal Square’s logistics center development projects but also offering proactive technical support."

This content was produced with the assistance of AI translation services.