Hanwha Construction said April 21 it has partnered with Mastern Investment Management to expand its real estate development business.
The companies signed a memorandum of understanding April 20 at Hanwha Building in Seoul’s Jung-gu district to jointly pursue development projects. Yoon Seong-ho, head of Hanwha Construction’s development business division, and Park Kyung-bae, head of Mastern’s Domestic Division 1, attended the signing.
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 ventures.
The collaboration will span the full project cycle, from early planning through post-completion operations. Hanwha said it will apply preconstruction services to review projected costs and schedules early, then take charge of design and construction to strengthen execution.
Mastern will handle fundraising and investment-structure design, including raising capital from investors 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 covering both financing and construction, managing risks from the structuring stage to improve profitability. Over the longer term, it aims to secure a stable development pipeline and expand cooperation with financial institutions to strengthen its ability to source new projects.
“Based on the combination of financing 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 Mastern’s real estate finance expertise with Hanwha’s design and construction capabilities.
Hanwha said it will also expand cooperation step by step 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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