Shinhan Asset Management completes pre-sales at Gongdeok Station mixed-use project

Shinhan Asset Management announced Monday that its Shinhan PF Normalization Fund has fully deployed its committed capital and successfully completed pre-sales for a mixed-use residential and commercial development at Gongdeok Station in Mapo-gu, Seoul.

Shinhan Asset Management is one of five delegated fund managers under a project financing normalization program run by Korea Asset Management Corp. (KAMCO). Through the Shinhan PF Normalization Fund, the firm invested sequentially in a series of projects — beginning with the Namdaemun District 7-1 development, followed by the Gongdeok Station mixed-use complex, a regional mixed-use project, a Seoul office building and a Greater Seoul logistics center — becoming the first among the five managers to fully deploy its committed capital. After the fund's investment, each project underwent structural reorganization and secured financing to transition to full project financing.

Shinhan Asset Management recently committed 116.3 billion won (about $76.5 million) to the Science and Technology Innovation Fund, selecting eight delegated managers to build venture funds totaling more than 319.1 billion won. The Science and Technology Innovation Fund is a public-private partnership fund that holds and manages research and development capital from national R&D programs, with Shinhan Asset Management serving as the mother fund operator.