Jipyong advised IBK Securities and NH Investment & Securities, the co-underwriters for a KRW427 billion (USD288 million) project financing for the construction of a Musinsa logistics centre in Yeoju, Gyeonggi province, South Korea.
“The logistics centre comprises two buildings with three basement levels and four above-ground floors, making it a large-scale facility,” Min Sun Park, one of the two lead partners for the Jipyong team, told Asia Business Law Journal.
“In terms of both construction and financing scale, it is seen as a representative example of the growing demand for e-commerce-dedicated logistics centres.”
Partners Park and Dongkyoon Koo reviewed and negotiated the financing terms, drafted the project finance loan agreement, and prepared the lease agreements for the project facilities. Associate Yooil Choi handled the drafting for the ancillary agreements to the project finance loan facility, including the security and securitisation agreements.
This transaction was closed in April 2026. Musinsa, asset management company Mastern Investment Management, and the lenders used their respective in-house counsel on the transaction.
Musinsa, a leading fashion platform in South Korea, acquired a site in Yeoju in 2021, and established a project financing vehicle to stably manage logistics volumes arising from its business expansion. The logistics centre is scheduled for completion in the second half of 2028.
