Invested over 2 trillion won, how could this happen... National Pension Service on high alert

The largest ever domestic real estate investment in One Grove

The National Pension Service, having poured in 2.3 trillion won, is in a state of emergency.

 

'One Grove' in the Magok district, built with the goal of constructing a massive complex, is just one month away from completion, but

It was found that not a single company has decided to move in yet.

 

According to the investment banking (IB) industry on the 6th, One Grove (CP4), in which the National Pension Service invested

In the case of the office building, not a single lease agreement has been concluded to date.

One Grove has a total floor area of ​​approximately 463,098 square meters, which is similar in size to Yeouido IFC (506,205 square meters).

It is equivalent to 64 soccer fields (7,140㎡).

 

The investment in One Grove attracted attention as the largest single domestic real estate investment by the National Pension Service.

 

The Magok district is capable of large-scale development within Seoul

It was an aggressive investment made to secure the site in advance, as it was identified as the last remaining plot.

but As One Grove's initial lease marketing faces setbacks, the profitability of the National Pension Service is also in jeopardy. It took this.

If a tenant is not found, the return to the National Pension becomes '0'.

 

The outlook is also bleak.

 

The biggest problem is the fact that large office buildings are springing up one after another in Yeouido, which is close to the Magok district.

In the industry, due to this, most companies looking for locations in the western Seoul area

 

There is talk that they are turning their attention to Yeouido instead of the Magok district.

Furthermore, the fact that nearly 990,000 square meters of office space is expected to flood the Magok district this year alone is also a factor that raises concerns.

 

 

[Source: Magazine Environment, Reporter Kim Jung-woo enyou@hankyung.com]