KB Securities consortium said on the 28th it was finally selected as the preferred bidder for the acquisition of the Homeplus Co. Yeongdeungpo store, located in Yeongdeungpo District, Seoul.
The KB Securities consortium plans to establish a project financing vehicle (PFV) in May, and complete the execution of the main contract and the payment of the deposit. It then plans to secure ownership by raising a bridge loan in July and develop multifamily housing on the site after going through permitting procedures such as changes to the district unit plan.
The Homeplus Co. Yeongdeungpo store, the target of the acquisition, is adjacent to Mullae Station on Subway Line 2, offering a prime location with excellent access to Yeouido and the Gangnam area. Nearby are large commercial facilities such as Times Square, Shinsegae Department Store, and Lotte Department Store, as well as major public facilities including Mullae Neighborhood Park, Yeongdeungpo District Office, and Yeongdeungpo Police Station.
In step with the government's policy direction to improve the real estate PF system, KB Securities will also make direct equity investments. The company said it will practice responsible management as a joint partner in the project and prioritize securing the project's stability.
A KB Securities official said, "Even amid ongoing uncertainty in financial markets, we decided on a preemptive direct investment in a high-quality project site," and added, "We expect the bridge loan scheduled for July to proceed smoothly, and through swift permitting procedures we will supply quality dwellings and take the lead in stabilizing the real estate PF market."