Phoenix saw an investment opportunity in the office market of
Seoul and provided a mezzanine loan for construction of a prime
office building in the central business district.
Gate Tower transaction is a secured mezzanine loan deal involving
a new office development strategically located in Seoul’s CBD,
with direct subway access to Seodaemun Station, one station away
from the center CBD, and Gwanghwamun Station. This underground
connection also allows direct access to the neighboring
headquarter of the reputable NH Bank in Korea.
Partnering with reputable partners experienced in developing
landmark properties in Seoul’s CBD, Gate Tower will be developed
into a 26-storey office tower with basement car parking and retail
podium.
The project was exited in 2020 to one of the top asset management
companies in South Korea 13 months ahead of schedule.
