News on Major Investments in IFEZ
Signs an Investment Contract with ‘SkyLogis’ Aviation Logistics Center
Commissioner Jin-yong Kim of IFEZ, Head of LH Cheongna Yeongjong Operation Headquarters In-gi Kim, President In-seo Park of Incheon Metropolitan City Development Corporation (IMCD), Director for Development Investment Jun-ho Bok of IGIS Asset Management, and major shareholders and officials of SkyLogis Private Real Estate Investment Company confirmed the investment in Yeongjong International City (779-1, Unbuk-dong, Jung-gu) by concluding the investment contract for the construction of the SkyLogis Aviation Logistics Center in Yeongjong International City in the Investment Consultation Center on 32F of IFEZ at the G Tower on January 31.
Following the conclusion of the contract, SkyLogis Private Real Estate Investment Company will put in 170 billion won to initiate the construction within the project site within the first half of the year. The SkyLogis Aviation Logistics Center development project in
Yeongjong International City will be promoted by a joint corporation established by multinational operators and multinational investment organizations, and it is expected to set an exemplary case for the future developments of IFEZ. Major shareholders include Dongam City, which is a professional real estate development company, foreign investors such as the Tokyo Stock Exchange and Tosei, which is listed on the Singapore Stock Exchange, and IGIS Asset Management, which boasts the largest domestic asset management capacity in the real estate sector as a financial investor.
The Yeongjong International City SkyLogis Aviation Logistics Center construction project has been discussed from the second half of 2017.
After the signing of the memorandum of understanding in 2017, the project has been delayed for a considerable time as there had been difficulties with the designation of a patent bonded area of the Korea Customs Service. However, the difficulties of project operators
have been fully resolved through the application for the ‘Support for Local Government Investment Project’ that the Incheon government proposed to the Ministry of Economy and Finance, which selected Incheon’s proposal as the first project eligible for support in 2018, providing the basis to construct the logistics center this time.
Head of LH Cheongna Yeongjong Operation Headquarters In-gi Kim said, “LH will continue to expand investment attraction through active collaboration with the IFEZ and will do its best to raise the status of the international city.” President in-seo Park of IMCD said, “The successful inducement of investment for the SkyLogis Aviation Logistics Center is expected to contribute to the vitalization of the aviation logistics and overall industries of Yeongjong International City and the economic revitalization of the city.”
President and Corporate Director Jun-ho Bok of SkyLogis Private Real Estate Investment Company said, “We thank IFEZ’s massive aggressive support. The Yeongjong Aviation Logistics Center Development Project will result in Korea’s one and only modern style large-scale aviation logistics center, which is expected to increase cargo traffic through Incheon International Airport, play a leading role in response to changes in the domestic consumption market, such as overseas direct purchases and reverse overseas direct purchases, and also contribute to job creation and the development of local economic development.”
He added, “Starting from this project, IGIS Asset Management will continue to focus its investment in domestic logistics centers and real estate investment by attracting
overseas funds.” “IFEZ has continuously and fully supported the Yeongjong International City Development Project and will spare no administrative support in relation to architectural design review and various permits and authorizations equally for this SkyLogis Aviation Logistics Center development project before and after the conclusion of the investment contract,” said Commissioner Jin-yong Kim of IFEZ, “In addition to approximately 170 billion won of new investment induced through the conclusion of this investment contract, we are expecting that it will make a great contribution to the vitalization of the economy in Yeongjong International City by creating approximately 1,200 or more new jobs. We will continue to develop Yeongjong International City into a tourist city with a cluster of resort complexes, the hub of advanced logistical industry, and furthermore, the key city in the field of logistics in the West Sea Peace Belt.”
[Main contents of a contract]
Contents of a contract
- • A joint corporation established by multinational operators and multinational investment organizations
- • The vitalization of the aviation logistics overall industries of Yeongjong International City
- • The economic revitalization of Yeongjong International City
- Cost to attract new investment about 1,700billion won
- Expecting to create new jobs about 1,200명