Lee & Ko advised a consortium of construction firms that invested in Airport Railroad Co., Ltd., which is in charge of and carrying out the construction of the Incheon airport railroad project, in connection with the sale of stock by Airport Railroad Co., Ltd. to Korea Railroad Corporation on September 17, 2009. Korea Railroad Corporation acquired 88.8% (about 165 million shares) of the outstanding stock of Airport Railroad Co., Ltd. for KRW1.2 trillion.

The initial financing for the Incheon airport railroad project came largely from private participants. The enormity of the project is reflected in the its total cost, which was estimated to be about KRW2.7 trillion in 1999 and is about KRW4 trillion in current KRW.

The financing for the project came from investments by a consortium of private firms, led by Hyundai Engineering & Construction Co., Ltd. and including Daelim Industrial Co., Ltd., Posco Engineering & Construction Co., Ltd., Dongbu Corporation, KCC Corporation, Samhwan Corporation, Sambu Construction Co., Ltd., Dongbu Insurance Co., Ltd., Korea Development Corporation, Chung Suk Engineering Co.,Ltd. and Sampyo Engineering & Construction Ltd., and the government, which contributed a small percentage, and loans of about KRW2.5 trillion from financial institutions.

The first stage of the project between Incheon International Airport and Gimpo Airport has been completed and is in operation. The second stage between Gimpo Airport and Seoul Station is currently underway.