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Kiwoom Securities |
[Alpha Biz= Paul Lee] Kiwoom Securities announced today that it has fully underwritten a KRW 3.8 trillion project finance (PF) loan refinancing for the K-Square Data Center, which is currently under construction in Gasan-dong, Geumcheon-gu, Seoul, by Koramco Asset Management.
K-Square Data Center is a KRW 1.45 trillion investment project established by Koramco Asset Management, LF, and institutional investors through K-Square Data Center PFV. The project had previously secured KRW 3.45 trillion in PF loans from a consortium led by Korea Investment & Securities in February 2023. The data center is scheduled for completion in June 2024.
Located in a key data center cluster in Seoul, K-Square Data Center gained global recognition by receiving a perfect score (100/100) in the GRESB real estate ESG evaluation, making it the first in Korea to achieve this milestone.
With the rapid shift toward cloud services, demand for data centers in the Seoul metropolitan area has surged, pushing IDC utilization rates to 80–100%.
The K-Square Data Center marks Kiwoom Securities’ first project finance loan in the data center sector. Thanks to its expanded PF business, Kiwoom Securities’ related earnings soared to KRW 1.589 trillion in 2023, a significant jump from KRW 593 billion in 2022.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
