Koramco Asset Management reorganized its structure and brought in a large number of specialists to expand its data center (IDC) business and strengthen its lead in the market.
Koramco Asset Management said on the 23rd that it expanded its data center organization from a single-headquarters system to IDC Headquarters 1 and 2 and placed three teams under them. The reorganization is aimed at stably carrying out the construction of a "data center belt" connecting Seoul, the capital region, and Busan, including the recently launched "K-Square Data Center Uijeongbu" development project with a 100MW power intake capacity.
With this reorganization, Koramco Asset Management hired key experts with global project experience. New IDC head Hwang Se-yun is a former managing director in the IB division at Hana Securities and a project finance specialist who arranged hyperscale-level financing for multiple large IDC projects in Ilsan, Mullae, and Bucheon. Having experience in physical development and sales during a stint at GS Engineering & Construction, Hwang is regarded as a hybrid expert spanning development and finance.
Head of Team Kim Young-jo, who joined together, is a market practitioner who led site selection for global cloud service providers (CSPs), colocation strategy development and contract negotiations at Cushman & Wakefield Korea and GS Engineering & Construction.
Through this reinforcement, Koramco Asset Management has built an "integrated value chain" that internalizes the entire data center development process, from site sourcing and securing power to CSP contracts, financial structuring, design and construction management, and operations and asset management. This is intended to secure competitiveness as a "development-type investment platform" that participates directly from the planning stage to design the revenue structure, moving away from the traditional approach of acquiring completed assets for operation.
As a mid- to long-term strategy, Koramco Asset Management plans to secure about 5 trillion won in funding by 2028 and invest a total of 10 trillion won by 2032. The goal is to grow into a digital infrastructure platform that independently operates data centers with a power intake capacity of 1.4GW (1GW on an IT load basis). Currently, Koramco is simultaneously pushing ahead with large-scale projects in key hubs such as Seonggok in Ansan, Jangnim in Busan, and Yonghyeon in Uijeongbu, based on its direct execution experience with the Gasan IDC in Seoul.
Koramco Asset Management CEO Kim Tae-won said, "The 100MW Uijeongbu project is a symbolic initiative that brings together Koramco's full life-cycle capabilities in data centers," adding, "By expanding our organization and hiring talent, we will build an investment platform that meets global standards and execute our investment goals through 2032 without a hitch to secure an overwhelming position in domestic and overseas data center markets."