Hana Financial to lead W4tr project financing for Jamsil sports-MICE complex

Hana Financial Group will serve as lead financial arranger for the Jamsil Sports and MICE (meetings, incentives, conferences and exhibitions) complex development project, arranging about 4 trillion won ($2.73 billion) in project financing.

Hana Financial Group announced Thursday that Hana Securities and Hana Bank will participate as lead and co-financial arrangers, respectively, for the Jamsil Sports and MICE Complex Private Investment Project, pursuing about 4 trillion won in project financing. The move reflects the group's push to expand its track record in large-scale private investment deals by leveraging collaboration between its banking and securities arms.

On Tuesday, the Seoul Metropolitan Government and the project operator Seoul Smart MICE Park — a tentative name for the special purpose company to be established — signed an implementation agreement. Hanwha's construction division will serve as the lead company of Seoul Smart MICE Park, with construction firms, operators and financial investors participating as shareholders.

Hana Financial Group had earlier been selected as a preferred negotiating partner in December 2021 as part of the "3H Consortium," which includes Hanwha's construction division and Hyundai Development Co. The implementation agreement came roughly four years and seven months after that selection.

The project involves developing a mixed-use complex on an approximately 350,000-square-meter site around Jamsil Sports Complex, encompassing exhibition and convention facilities, a domed baseball stadium, a sports complex, and accommodation, commercial and office facilities. It is the largest private investment project of its kind in South Korea.

Hana Financial Group will handle financial structure design and project financing under its group-wide investment banking collaboration strategy known as "One IB," combining the capabilities of Hana Securities and Hana Bank. Hana Securities is participating as both a financial investor in Seoul Smart MICE Park and as lead financial arranger, while Hana Bank serves as co-arranger. The group has also completed formation of a lender syndicate for the financing.

The project is a flagship example of the One IB model, combining the investment banking capabilities of the securities and banking units. It is set to move forward after completing related procedures, including approval of the implementation plan. Hana Financial Group plans to continue providing financial support as the project progresses.

"This project is a prime example of One IB collaboration, where Hana Securities and Hana Bank created synergies based on each company's expertise," Hana Financial Group Vice Chairman Kang Seong-muk said. "We will continue to organically link the group's investment banking capabilities to support the stable advancement of large-scale private investment projects."