Kiwoom Securities and Koramco Asset Management participated in the refinancing of a 380 billion won real estate project financing loan for the 'Case Square Data Center' that is being constructed on a total subscription basis, it was announced on the 24th.
Koramco Asset Management is receiving investments from institutions including LF to build the Case Square Data Center in Gasan-dong, Geumcheon-gu, Seoul. The goal is to complete it by June this year. To this end, they secured a project financing loan of 345 billion won from a consortium including Korea Investment Securities last February, and Kiwoom Securities acted as the aggregator for the refinancing to convert the project financing loan.
Kiwoom Securities explained that they decided to invest considering that the Case Square Data Center received a perfect score of 100 points in the world's most prestigious real estate ESG assessment 'GRESB' last year, and that the maximum operating rate of major data centers in the metropolitan area is between 80% and 100% due to the surge in cloud traffic from corporations.
Kiwoom Securities has been expanding its project financing loan business since last year. The related revenue jumped from 59.3 billion won in 2023 to 158.9 billion won in 2024 as it executed project financing loans for the ▲ Seoul Sin-gil-dong 5th district housing association project ▲ Songdo international complex development project ▲ Mokdong old KT site development project.
A Kiwoom Securities official noted, "We will continue our active investment in high-quality deals through a selection process this year, while also managing risks through sell-downs."