Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Bae Kim & Lee expanded its construction practice this year, hiring partner Dong Shin Lin and a handful of associates. It did, however, lose partner Eun Jin Jeon and foreign legal consultant Sangmoon Chang, with the latter now in-house at IBM Korea. Regardless, ... [more]

Bae Kim & Lee expanded its construction practice this year, hiring partner Dong Shin Lin and a handful of associates. It did, however, lose partner Eun Jin Jeon and foreign legal consultant Sangmoon Chang, with the latter now in-house at IBM Korea. Regardless, the firm’s practice remains regularly involved in the country’s largest deals.

Partners Hyeong Kang and Young Lok Park are advising Daewoo Electricity & Construction and a US real estate investment company in a KRW1.1 trillion joint venture to develop 94,272 square metres of land in the New Songdo City development.

In a landmark financing deal, Bae Kim & Lee is advising Lotte Electricity & Construction as a member of a consortium that includes 18 other electricity and construction companies such as Hyundai, Samsung, Posc and Dawewoo. This consortium has negotiated with the Mongolian government to create a public-private-partnership (PPP) to finance and construct railroads in Mongolia.

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“There’s no doubt about Kim & Chang’s status in the construction and real estate areas,” says one peer. “The firm handles most, if not all, of the deals by multinational corporations.”A highlight transaction involved partners Kwon Lee, Keun-Ah Cho, Milosz ... [more]

“There’s no doubt about Kim & Chang’s status in the construction and real estate areas,” says one peer. “The firm handles most, if not all, of the deals by multinational corporations.”

A highlight transaction involved partners Kwon Lee, Keun-Ah Cho, Milosz Zurkowski and Seung-Hwan Jin. They oversaw the creation of a yuhan hoesa (limited liability company), KTB First Private Real Estate Investment, for ASPF II NY GmbH. KTB First Private Real Estate Investment purchased two buildings under construction in Seoul, and chose to use the innovative yuhan hoesa real estate fund structure for the KRW284 billion purchase because of various tax requirements. This is the first time a yuhan hoesa has been used, and the deal was subject to new and untested regulations.

Attorney Kwan Sik Yu also advised Mirae Asset Maps Asia Pacific Real Estate 1 Public Investment Company and Mirae Asset Maps Frontier Real Estate Fund No. 28 in their acquisition of the Center 1 Building in Sooha-dong, Jung-gu, Seoul. The building cost KRW80 billion to KRW90 billion and involved a complex investment structure.

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Peers describe Lee & Ko’s real estate and construction practice as “Korea-focused”, and “very domestic”. The firm bolstered its team this past year with a handful of associates from the Judicial Research & Training Institute, as well as partner Jeong ... [more]

Peers describe Lee & Ko’s real estate and construction practice as “Korea-focused”, and “very domestic”. The firm bolstered its team this past year with a handful of associates from the Judicial Research & Training Institute, as well as partner Jeong Kyoo Han from the Seoul Central Court.

Partners Hun Ko and Hyun Chan Pyun are advising Songdo Global Complex Development and Yonsei University regarding the Incheon Free Economic Zone Sondo International Complex. Yonsei University is planning a new campus on the Songdo development, which will require US$600 million in financing.

In another financing transaction, partners Hun Ko and Jin Wook Yang are representing a project company for the construction and operation of Cheongna Theme Park Golf Course in a financing deal that will be worth US$500 million. Lotte Engineering & Construction, Industrial Bank of Korea and Macquarie Bank are among the sponsors.

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Although the real estate practice at Shin & Kim kept a steady headcount this past year, its large deal volume suggests a growing reputation.Partners Kyung Don Lee and Robert Young represented Bank of America Merrill Lynch and the Blackstone Group in ... [more]

Although the real estate practice at Shin & Kim kept a steady headcount this past year, its large deal volume suggests a growing reputation.

Partners Kyung Don Lee and Robert Young represented Bank of America Merrill Lynch and the Blackstone Group in the KRW550 billion sale of the SK Building in Seoul’s central business district. The building was sold to a fund that includes the National Pension Fund and SK Affiliates as investors, and the deal reportedly represents one of Blackstone’s first in South Korea.

In another deal highlight, Lee and partner Young-Hee Jo were appointed as lead counsel to four Korean real estate funds, managed by ING Real Estate Investment Management and established for a sale and leaseback transaction of six properties owned by Lotte Shopping. The transaction required both financing and a syndicated loan of KRW297.4 billion from Korea Development Bank and Samsung Fire & Marine Insurance.

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“A major player in the real estate area,” says one peer of Yulchon’s construction and real estate practice. Led by partner Bong Hee Han, who garners praise from practitioners and clients alike, the practice has been involved on a large number of international ... [more]

“A major player in the real estate area,” says one peer of Yulchon’s construction and real estate practice. Led by partner Bong Hee Han, who garners praise from practitioners and clients alike, the practice has been involved on a large number of international real estate deals this year. This includes transactions in Sao Paulo, San Francisco and Kuala Lumpur.

Partners Bong Hee Han, Tae Jin Cha and Hui-Yeon Kim devised an innovative structure for the financing of Daol Fund Management’s US$333 million acquisition of an office building in San Francisco, which was the largest real estate deal in the city since 2007. The financing structure was two-tiered, involving a complicated series of corporations for tax purposes as well as a foreign-exchange hedge and an interest-rate swap.

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Barun Law Barun Law partner Kitai Park and senior foreign attorney Tom Pinansky have advised governments on several large real estate transactions this year. In one deal highlight, Park and Pinansky are representing the US Government on the establishment ... [more]

Barun Law

Barun Law partner Kitai Park and senior foreign attorney Tom Pinansky have advised governments on several large real estate transactions this year. In one deal highlight, Park and Pinansky are representing the US Government on the establishment of a new diplomatic compound in Seoul worth over US$1 billion. The two attorneys are also advising Taubman on the development of the Songdo City Shopping Centre in Incheon, reportedly the largest greenfield shopping centre in Korea.

Hankylu Hanul

Partner Kil Ho Shin of Hankyul Hanul handled a construction dispute for the Korea Rail Network Authority against another state owned entity, Korea Railroad. In the arrangement, Korea Rail Network pays Korea Railroad quarterly. However, in 2009, Korea Rail Network found deductible VAT input tax in Korea Railroad’s business expenses that would have equalled KRW88 billion. The dispute was resolved by mutual consultation.

Yoon & Yang

Yoon & Yang was involved in two of the largest cross border real estate transactions this year. Partner Young Sun Cho advised the National Pension Service of Korea in its €585 million acquisition of a 95% stake in Sochribel GmbH, the owner of Sony Centre buildings. The National Pension Service acquired 51% of the stake outright in O’Parinor shopping mall, and also acquired an additional 24% stake through a special purpose company in Luxembourg for €228 million.

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