Kiwoom Securities Invests 610 Billion KRW in Development of Former KT Site in Mokdong

Kiwoom Securities announced on the 28th that it has made a sole investment of 610 billion KRW in the bridge loan for the ‘Mokdong Old KT Site Development Project’.

Recently, as the real estate market has frozen, many projects have been unable to transition to project financing (PF), but Kiwoom Securities is attracting industry attention by investing large-scale funds in real estate PF projects.

This project involves constructing three buildings with 6 basement floors to 48 above-ground floors, comprising 658 residential officetels and neighborhood living facilities in the Mokdong area of Yangcheon-gu. Despite being a rare large-scale development project in a prime residential area of Seoul, the project had been unable to progress quickly due to the tightening of PF funds. With Kiwoom Securities’ investment, the existing KT Data Center will be demolished and is scheduled to convert to PF next year.

Kiwoom Securities has been taking an active stance by boldly investing in real estate PF this year. Since the appointment of President Eom Ju-seong, real estate finance-related fee income reached approximately 82.5 billion KRW in the first half of this year, about three times more than the same period last year. This was due to an effective investment strategy focused on selecting and concentrating on high-quality real estate big deals. Kiwoom Securities is laying the foundation for growth into a mega investment bank (IB) through business diversification driven by improved IB performance.

A Kiwoom Securities official said, "This is a prime project supplying new buildings with exclusive areas of over 34 pyeong in the center of Mokdong, where no new supply has been made in the past 15 years," adding, "It is the result of combined capabilities in execution power and deal selection."

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