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30 Nov 2017

Advised the Acquisition of Chunghui Building Located in Jung-gu, Seoul by a Real Estate Investment Trust Operated by IGIS Asset Management

Yulchon successfully advised IGIS Asset Management and the investors in setting-up IGIS Private Real Estate Investment Trust No. 135 (the “Investment Trust”) and its acquisition of Chunghui Building located in Jung-gu, Seoul. G9 Korea I Pte. Ltd. – a special purpose company established by Morgan Stanley – and SK D&D financed the Investment Trust managed by IGIS Asset Management.

 

The Investment Trust plans to fully renovate the building and operate it as a hotel.

 

Yulchon advised the client on all aspects of the transaction, including compliance with the relevant laws such as the Capital Markets Act, establishment of the Investment Trust, execution of the relevant trust agreement, performance of legal due diligence, draft and review of definitive documents including the real estate sales and purchase agreement, hotel lease agreement, unitholder agreement and other construction-related agreements.

 

Since the sellers of the building consisted of multiple individuals, drawing up a transaction structure agreeable to each of the sellers’ was a difficult task. Moreover, the use of multiple languages including Japanese, English and Korean during the negotiation process complicated the challenge even further as the negotiation involved a Japanese hotel operator. Yulchon was able to provide legal advice despite such obstacles to the satisfaction of both the client and the sellers, which eventually lead to the successful execution of the definitive documents.

 

Tae Jin Cha from Dispute Resolution Group, Jin Seok Choi, Kyo Jun Shim, Young Joon Yoon, and Joseph Choe from Corporate and Finance Group were involved in this case.

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