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15 Dec 2016

Successfully Advised Morgan Stanley on its Investment in the SK Susong Tower through a Private Fund

Yulchon’s Real Estate & Construction Group successfully advised PPFA Korea I Pte. Ltd, an investment vehicle established by Morgan Stanley, in a transaction involving the purchase of beneficiary certificates issued by a real estate fund (“REF”) owning the SK Susong Tower located in Seoul, Korea. The transaction value was KRW 218 billion (approx. USD 194 million).

 

Yulchon provided in-depth legal advice on structuring the investment in an optimal form, both from a legal and taxation perspective, including the refinancing of related loans, valuation of assets and repayment/purchase of beneficiary certificates, in addition to performing thorough due diligence and the drafting of the SPA, Pledge Agreement, Investor Agreement and other ERISA related contracts and legal opinions. Yulchon also provided assistance in negotiating the terms of the MOU and other related matters, including compliance with foreign exchange reporting requirements necessary for such a cross-border transaction.

 

Jin Seok Choi, Kyo Jun Shim and Joseph Choe of the Real Estate & Construction Group, Tae Jin Cha of the Dispute Resolution Group, and Young Hoon Mok of the Corporate & Finance group were involved in this case.

 

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