Dongjak District Signs Agreement to Sell Noryangjin District Office Site to IMM Investment Consortium

Full-Scale Launch of Mixed-Use Development Project

Dongjak District in Seoul (Mayor Park Ilha) is set to officially launch the mixed-use development project for the Noryangjin District Office site (47-2 Noryangjin-dong and surrounding area). On September 29, the district announced that it had signed an agreement on September 26 to sell the Noryangjin District Office site to the IMM Investment Consortium, which includes IMM Investment and Simone Asset Management.

Park Ilha, Mayor of Dongjak District (second from the left), is posing for a commemorative photo after signing a business agreement with the IMM Investment Consortium for the 'Development of the Noryangjin Government Office Site in Dongjak District.' Provided by Dongjak District.

The signing ceremony was attended by Park Ilha, Mayor of Dongjak District; Kim Hakjae, CEO of IMM Investment; and Jung Yeonchang, Chief Operating Officer of Simone Asset Management. After selecting the IMM Investment Consortium as the preferred bidder through a public offering for private operators in August, the district reached a final agreement after about 50 days of negotiations. IMM Investment, the lead company in the consortium, is a leading domestic venture capital firm known for discovering several unicorn companies such as Celltrion, Musinsa, Zigbang, and Ecopro.

Through this agreement, both parties discussed their respective roles in promoting the development project, establishing a project finance vehicle (PFV), supplying land, implementing the project, and managing facilities and funds. They agreed to maximize the regional development impact by combining the site's locational potential with private sector capabilities.

With this development, the Noryangjin District Office site will be transformed into a mixed-use complex integrating residential, educational, commercial, and cultural facilities. The project will feature high-end residential units, advanced educational facilities, and key commercial spaces to revitalize the local economy. Additionally, the attraction of an international school and the establishment of infrastructure for future growth industries are expected to boost the local economy and create jobs for young people.

The IMM Investment Consortium plans to donate 6,397 square meters (approximately 1,940 pyeong) within the new building as a public contribution, and this space will be used as a public asset for district residents.

Meanwhile, the district has changed the settlement method for constructing the new district office from payment in kind to cash settlement, thereby reducing fiscal burden and increasing flexibility in asset utilization.

Mayor Park Ilha stated, "This agreement is not simply an asset sale, but the first step toward opening Dongjak's next 100 years," adding, "We will continue to strive to create a city that residents can be proud of and that attracts attention from around the world."

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