Shinsegae Property announced on the 8th that it has signed a joint investment agreement with Hana Financial Group and Bain Capital for the construction of the Starfield Cheongna complex shopping mall.
The total joint investment amount is 600 billion won. Shinsegae Property will invest 300 billion won directly. Hana Financial Group will participate with a 225 billion won investment through the Capstone Asset Management Fund, which was established for the development of Starfield Cheongna, and Bain Capital will invest 70 billion won directly.
Shinsegae Property holds 50% equity in Starfield Cheongna, Capstone Asset Management Fund has 40%, and Bain Capital holds 10%.
Hana Financial Group also promised additional financial support of 270 billion won in the form of subordinate loans. Hana Bank and Hana Securities will participate in this investment.
Starfield Cheongna is expected to gain momentum in stable business promotion through secure funding and the support of partner companies with financial know-how and global capabilities, as a result of this contract.
According to Shinsegae Property, Starfield Cheongna is the world's first multi-entertainment space combining a multi-stadium (dome), a mega complex shopping mall, hotels, and swimming pools within a single building. The state-of-the-art multi-stadium, with a capacity of 23,000 seats, will host various sports competitions, cultural and artistic exhibitions, performances by K-pop artists, and famous overseas artists.
Starfield Cheongna has completed the architectural change permit following design changes in October 2024 and is currently in the structural work phase. It aims for completion in 2027 and opening in 2028.
Im Young-rok, CEO of Shinsegae Property, said, “As Hana Financial Group, a leading domestic financial group and a neighbor of Cheongna International City, partners with the global investment company Bain Capital, we expect to secure not only a solid financial synergy but also global growth momentum.” He continued, “Starfield Cheongna will establish itself as a K-culture landmark that attracts visitors from around the world, as a next-generation 'leisuretainment' facility being attempted for the first time globally beyond a complex shopping mall.”