Hangang Asset Management will participate in a large-scale mixed-use development project in Dallas, Texas, along with Daewoo E&C.
Hangang Asset Management announced on the 8th that it has signed a memorandum of understanding (MOU) for participation in a large-scale mixed-use development project being promoted by Orion Real Estate Capital (ORION RE CAPITAL), a local developer in Dallas, Texas, at the Prosper City Hall near Dallas, in cooperation with Daewoo E&C.
The signing ceremony was attended by Jeong Won-joo, chairman of Daewoo E&C; Han Seung, head of overseas business at Daewoo E&C; David Bristol, mayor of Prosper; Prasanna Kumar, CEO of Orion Real Estate Capital; and Jeon Yoo-hoon, overall representative of Hangang Asset Management.
According to this agreement, Hangang Asset Management, Daewoo E&C, and Orion Capital will jointly pursue a mixed-use development project in a total of five phases, starting with phase one, the townhouse development, followed by multi-family housing, condominium units for sale, hotels, and the development of two office buildings in succession.
This project marks the first time that Hangang Asset Management, among domestic asset management companies, has facilitated the joint implementation of a local development project in the United States. The plan goes beyond mere capital investment; it involves direct collaboration with developers by a domestic management company.
In fact, Hangang Asset Management has experience in investing alongside Orion Capital through its local U.S. corporation on two occasions. Based on this, they sought new business opportunities, discovered sites with excellent business potential, and have reportedly completed this participation structure in collaboration with Daewoo E&C, reviewing feasibility since the second half of last year.
Hangang Asset Management plans to achieve visible results in residential and infrastructure development projects being pursued in cooperation with the New York and New Jersey Economic Development Corporations, based on this first development project with Daewoo E&C.
David Bristol, mayor of Prosper, noted, "This cooperation will greatly contribute to community development beyond simple investment," and added, "We look forward to continued collaboration between the city and participating organizations in the future, and I promise unwavering support."
Jeon Yoo-hoon, overall representative of Hangang Asset Management, stated, "It is meaningful to work together with Daewoo E&C, the most active among the five major construction companies in overseas expansion, as a joint developer for this project," and emphasized, "Hangang Asset Management will do its utmost to ensure that the Daewoo brand successfully establishes itself in the U.S. through this mixed-use project by fulfilling its role in asset management and financing."
Hangang Asset Management's current assets under management (AUM) amount to approximately 5 trillion won based on the contractual standards, and its largest shareholder is Choi Junghun, CEO of YIDO the representative director.