AIG Global Real Estate Investment (Asia) L.L.C. (AIG Global Real Estate), an indirect wholly owned subsidiary of American International Group, Inc., and The Seoul Metropolitan Government (SMG) have executed a Basic Cooperative Agreement for the development of a five million square foot (140,516 pyung) mixed-use project in Seoul, Korea.
The announcement noted that the “parties entered into discussions regarding the scope of the mixed-use project following the June 2003 Memorandum of Understanding. AIG Global Real Estate will lead the development, leasing and management of the project.”
AIG Chairman M. R. Greenberg commented after the signing: “We are pleased to have concluded the agreement with the Seoul Metropolitan Government to develop this project on such a strategic site in Seoul. We believe that this development will be a major contributor to Seoul’s economic development and growth as a regional financial center.”
Myung Bak Lee, Mayor of Seoul, added: “We are very pleased to have a leading international group like AIG as the development partner in this landmark project. It is indeed significant as this is the first such cooperation between SMG and any international investor. This state-of-the-art international financial complex will reflect Seoul’s evolution towards a new global financial center. We believe that, with support from key international financial players like AIG, Seoul should be able to achieve its important regional and global status in the near future.”
The 8.17 acre (10,000 pyung) site is one of the last remaining vacant parcels available for development in Yeouido, a sub-market of Seoul. Adjacent to the Han River, Yeouido is the governmental and financial center of the city. The site is bordered on three sides by financial institutions and corporate headquarters, along with the Korean Stock Exchange, and bordered on the northwest by a 57-acre (69,000 pyung) park.
The mixed-use commercial complex, slated to have direct underground access to the Yeouido subway station, will likely contain office, hotel, retail, multiplex cinema and parking components above and below ground. AIG Global Real Estate will undertake the role of developer and project manager, as well as oversee all of the marketing, leasing and management of the complex.
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