SK D&D Subsidiary DDPS, Joint Investment with M&G in 'Episode Convini Sindang'

[Financial News] SK D&D's real estate operation specialist subsidiary D&D Property Solution (DDPS) announced on the 25th that it will jointly invest with M&G Real Estate, a global investment firm under the UK Prudential Group, in the second branch of the residential brand Episode Convini, 'Episode Convini Sindang'.
This joint investment is a project to purchase and renovate an officetel located in Hwanghak-dong, Jung-gu, Seoul, with 2 basement floors and 14 above-ground floors, totaling 97 units, to transform it into a pleasant and practical urban residential space optimized for proximity to work. Move-in is expected to officially open in October, starting with pre-contracts at the end of August.
The asset is located within a 10-minute walk from Sinseoldong Station on Subway Line 1 and Ui-Sinseol Line, and Sindang Station on Lines 2 and 6. It is adjacent to the Seoul Central Business District (CBD), meeting the demand for proximity to work. The exclusive space varies from about 18㎡ to about 47.2㎡ and will be improved with studio and duplex structures.
In addition, it provides a differentiated residential experience from existing officetels by providing common spaces such as △rooftop terrace △lounge △home gym △laundry zone that residents can utilize in their daily lives.
This investment is M&G Real Estate's first entry into the Korean rental housing market, and DDPS will be responsible for overall operation and management as the entrusted operator. Following the collaboration with Morgan Stanley in November last year, DDPS once again demonstrated its capability to collaborate with global capital by expanding partnerships with another global quality investment firm.
DDPS CEO Oh Young-rae said, "This cooperation is the result of global investors' trust in DDPS's comprehensive real estate operation and solution capabilities," adding, "We will continue to expand the volume of rental housing operations and provide various residential options, including Convini, to create a better living environment."
Following Sindang, the next location is being prepared as 'Episode Convini Sangsu (tentative name)' in Mapo-gu, Seoul, and plans to expand 'Episode Convini' branches throughout the city in the future.
Meanwhile, DDPS is a subsidiary of SK D&D, a comprehensive real estate operation specialist company. In March this year, it acquired and merged with the co-living and co-working company Local Stitch, and currently operates a total of over 6,500 rental housing units, including Episode. It aims to operate 10,000 units within the year and 50,000 units by 2029.

ming@fnnews.com Jeon Min-kyung Reporter