Hyundai Engineering & Construction will launch overseas real estate development projects in key regions through public-private partnerships.
Hyundai Engineering & Construction said on the 27th that it signed a "comprehensive business agreement to strengthen competitiveness in global real estate development projects" with Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Korea Investment Real Asset Management (hereinafter Han투Real Asset) at Han투Real Asset's headquarters in Yeouido-dong, Yeongdeungpo-gu, Seoul.
The signing ceremony was held with key officials from each company in attendance, including Kim Kyeong-soo, head of the global business division at Hyundai Engineering & Construction, Won Byeong-cheol, head of business development at KIND, and Kim Yong-sik, CEO of Han투Real Asset.
The agreement was prepared to form "Team Korea," which combines the expertise of private corporations and the policy support capabilities of public institutions, and to actively respond to the rapidly changing global real estate market environment by promoting joint investment and development in overseas real estate projects. With this agreement as a starting point, the three companies plan to build a comprehensive and long-term cooperative relationship and continuously expand the scope of cooperation and target projects.
Hyundai Engineering & Construction, KIND, and Han투Real Asset plan to select projects underway in major overseas hubs such as the United States, New Zealand, Australia, and Bulgaria as top-priority cooperation targets and review joint equity investment plans. They agreed to cooperate on a variety of real estate development businesses, including housing development and sales, rental operations, and remodeling.
Hyundai Engineering & Construction, as the overall project manager and a strategic investor, will handle project planning, sourcing, and feasibility reviews, as well as engineering, procurement, and construction (EPC); construction management (CM); and technical and permitting support.
KIND plans to serve as a bridge between the public and private sectors by providing financial investment along with intergovernmental cooperation support and advice on financial structuring. As a financial investor, Han투Real Asset will lead financing and structuring and handle asset management to establish the optimal funding structure.
A Hyundai Engineering & Construction official said, "Hyundai Engineering & Construction is focusing on entering the housing and real estate markets centered on advanced overseas markets, based on its unrivaled EPC capabilities and technology and product competitiveness in the housing sector," adding, "Through this business agreement, we have established a priority cooperation system among the three companies based on mutual trust and strategic synergy, which will allow us to accelerate global real estate investment and development projects."