MGRV (CEO Cho Kang-tae) announced that it has completed a follow-on investment of 13 billion won. This round, led by existing shareholders, aims to expedite the development of domestic rental housing in partnership with Canada Pension Plan Investment Board (CPP Investments, CPPIB).
Existing investors TS Investment and HB Investment have invested an additional 10 billion won and 3 billion won, respectively. MGRV plans to expand its supply of quality rental housing in response to the growing demand for one- and two-person households, particularly among Koreans and foreigners, in downtown Seoul.
MGLV is steadily progressing on joint projects with the Canada Pension Plan Investment Board, focusing on new-build rental housing developments. Approximately three months after signing a KRW 500 billion joint investment agreement (JV), the two parties secured four new development projects in Seoul. With the recent acquisition of additional land in Seongdong-gu, MGLV now has a total of five development projects. MGLV maintains a stable financial structure and a rapid decision-making process by applying a 100% equity investment principle to land purchases. Additional investments, particularly in key areas of Seoul, are also under consideration.
CEO Cho Kang-tae said, “This investment reaffirms the market’s trust in MGLV’s business direction and operational capabilities,” and added, “Through collaboration with the Canada Pension Plan Investment Board, we will continue to expand the supply of quality, sustainable housing in urban areas.”
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