Hanwha Construction said Tuesday it has partnered with Mastern Investment Management to expand its real estate development business.
The companies signed a memorandum of understanding Monday at Hanwha Building in Janggyo-dong, Jung-gu, Seoul, to jointly pursue development projects. Attendees included Yoon Seong-ho, head of Hanwha Construction’s Development Business Division, and Park Kyung-bae, head of Mastern Investment Management’s Domestic Division 1.
Hanwha said the agreement is aimed at moving beyond a construction-centered contracting model by combining financing and development. The partners plan to broaden cooperation in stages, from identifying new projects to establishing joint entities.
The collaboration will cover the full development cycle, from early planning through post-completion operations. Hanwha said it will apply preconstruction services to review costs and schedules in advance and assess feasibility early, then take charge of design and construction to strengthen execution.
Mastern will handle fundraising and investment-structure design, including securing project funding through investor recruitment and managing financial risks based on market conditions. After completion, it will also pursue value-up strategies to enhance asset value.
Hanwha said it plans to build an integrated decision-making system spanning finance and construction, manage risks from the structuring stage and improve profitability. Over the longer term, it aims to secure a stable development pipeline and broaden cooperation with financial institutions to strengthen its base for sourcing new projects.
“Based on the combination of finance and construction, we will strengthen our competitiveness in development and build a stable business structure,” Yoon said. Park said he expects “meaningful synergy” from combining real estate finance expertise with design and construction capabilities.
Hanwha said it will sequentially expand cooperation with major financial institutions, including securities firms and asset managers, starting with this agreement.
* This article has been translated by AI.
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