The investment amount in domestic real estate at One Grove is the largest ever.

The National Pension Service, which has invested 2.3 trillion won, is in a state of emergency.

 

The Magok District 'One Grove,' built with the goal of establishing a large-scale complex facility, is just a month away from completion.

It appears that no companies have yet decided to move in.

 

According to the investment banking industry on the 6th, the National Pension Fund's investment in One Grove (CP4)

In the case of the office building, no lease agreements have been made to date.

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

It is equivalent to 64 soccer fields (7140㎡ each).

 

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

 

Magok District can undergo large-scale development within Seoul.

It was an aggressive investment made in advance to secure the last remaining site.

However, the initial leasing marketing of One Grove faced setbacks, putting the profitability of the National Pension Service at risk.

If a tenant cannot be found, the income returned to the National Pension will be '0'.

 

The outlook is also bleak.

 

The biggest issue is that large office buildings are gradually being constructed in Yeouido, which is close to Magok District.

Most of the companies looking for a place to move into in the western Seoul area due to this reason in the industry

 

There are reports that attention is shifting from Magok District to Yeouido.

Furthermore, the fact that nearly 990,000 square meters of office space will be poured into Magok District this year alone also raises concerns.

 

 

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