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Expertise

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Lee & Ko has provided first class legal services in the real estate and construction sector in Korea for the past thirty years. Our Real Estate Practice Group, which is one of the largest in Korea, consists of a number of experts in the field, including former judges with vast experience in handling real estate and construction related court cases. Lee & Ko has a well-established and well-earned reputation for excellence in advising and assisting clients with respect to transactions involving sales and purchases of large-scale commercial and residential buildings, and other real estate related transactions, such as commercial leasing and industrial and residential real estate development projects.

Lee & Ko’s reputation for excellence in its real estate practice has attracted a large number of clients who are major actors in the real estate market. Our clients include, among others, major construction companies competing for market share and overall construction capacity, major department store companies with a high volume of real-estate related businesses, major fast food franchisors, major domestic financial institutions, as well as foreign financial institutions, and foreign hotel chains.
Expertise
Sale and Purchase of Commercial Buildings

Lee & Ko has handled cases involving a broad range of matters relating to the sale and purchase of large-scale commercial and residential buildings, leasing, regulatory and compliance issues applicable to real property transactions, including city planning, zoning, building permit applications and regulatory supervision of construction projects and procedures. In each case, Lee & Ko has provided the best possible service to clients to ensure optimal results in the relevant real estate transactions.


Domestic Real Estate Development and Construction

Lee & Ko has acted as legal advisor to a considerable number of major construction companies in Korea as well as major financial institutions in connection with a variety of real estate development projects, including various major residential and commercial development construction projects, bridge and other infrastructure construction projects.


Overseas Real Estate Development and Construction

Lee & Ko has also been at the forefront in advising clients on overseas real estate development and construction projects in which Korean construction companies, investors or other Korean entities are involved. Lee & Ko made inroads into the overseas real estate and construction market as legal advisors before any other Korean law firm. For the past several years, Lee & Ko has continued its lead in the Korean legal market, handling most of the major Korea-related real estate development projects that have been carried out abroad including, among others, major projects in Russia, Kazakhstan, Kyrgyzstan and Vietnam.


Reconstruction/ Redevelopment Projects & Its Related Disputes

Lee & Ko has unsurpassed experience and expertise in advising clients in the area of reconstruction/redevelopment of real estate—an area which has become important in the Korean real estate market during the past ten years. Acting as legal advisors to leading construction companies in Korea engaged in such projects, Lee & Ko has handled virtually all types of legal issues arising in the context of large-scale reconstruction / redevelopment projects (including the formation of the promoter committee, various regulatory compliance issues, permits and approval procedures, construction related issues, settlements with owners of the underlying land and the existing buildings and various disputes). Moreover, in the past ten years disputes arising from the reconstruction / redevelopment projects have become the largest caseload for the Korean Courts and Lee & Ko has successfully represented its clients in the majority of those cases.


REITS / Fund

For transactions involving real estate investment trust (REIT) structures, Lee & Ko has provided legal advice to each of the Ministry of Land, Transport and Maritime Affairs, Korea Land Corporation, Korea National Housing Corporation, Macquarie, etc. On a broad range of issues including establishment of the most appropriate investment vehicles and investment structures, such as REITS, PFV, etc. for use in connection with real estate investment and development projects, and setting up of model rules to govern the establishment of real estate funds and the conduct of related asset management business activities, Lee & Ko has provided efficient advice and services while maintaining constructive relations with the clients.

Recently, investors have often used collective investment vehicles for investments in real estate properties. Having advised a number of clients with respect to their investments in both domestic and overseas real estate properties through funds (both domestic funds established under the Financial Investment Services and Capital Markets Act and overseas funds), Lee & Ko has represented numerous clients in this type of investment.


Real Estate Trusts

Lee & Ko has established an unrivalled reputation in the real estate trust area. One of the leading partners in the Firm’s Real Estate Trust Team has been appointed as a member of the Trust Act Amendment Committee, which has been established to advise the legislature and to preparing draft amendments to the Trust Act in line with the government’s recently announced intention to amend the Trust Act. Lee & Ko has been directly involved in the legislative amendment process in this regard. Since 2001, Lee & Ko has also been handling major transactions involving sales and purchases of real property held in real estate trust structures in Korea, further evidencing the level of its accumulated experience, expertise, efficiency and reliability.


Litigation

In addition to the disputes for the reconstruction / redevelopment projects handled by Lee & Ko, Lee & Ko’s Litigation Practice Group has long specialized in (1) litigation and arbitration related to the acquisition of various construction-related government permits, urban planning and urban area reconstruction, (2) litigation and arbitration arising out of construction contracts, (3) compensation for damages relating to noise, commotion, waste and right-to-sunlight claims, (4) settlement of construction fees, (5) disputes relating to government contracts, and (6) criminal cases including white collar crimes, and others. Lee & Ko’s Litigation Practice Group consists of, among others, former Justices of the Supreme Court, former judges who served in various lower courts and former prosecutors, all of whom are fully equipped to render precise and practical insights and services in handling cases relating to construction and real estate matters.
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Major Cases
Sale and Purchase of Commercial Buildings

Large-scale sale and purchase cases handled by Lee & Ko
  • Advised Macquarie Investment Management Korea on its acquisition of the Goyang Bus Terminal
  • Purchase of HSBC Headquarters (London) (approximately USD1.2 Billion)
  • Purchase of interests in 40 Grosvenor Place (London) (approximately USD140 Million)
  • Purchase of interests in Aurora Place (Sydney) (approximately USD650 Million)
  • Purchase of interests in regional malls located in New Jersey and Phoenix (US) (approximately USD160 Million)

Lee & Ko has represented one of the largest department store chain in Korea with numerous stores in the acquisition of
  • Grand Department Store
  • New Core Department Store
  • Incheon Donga City Department Store
  • Pusan Sewon Department Store
  • Bundang Bluehill Department Store
  • Avenuel (luxury department store) and others.
  • Sale of one of the largest European Discount Department Stores
  • Sale of various real properties owned by Korea Asset Management Corporation (which is the largest asset management company established by the Korean government)
  • Sale of Star Tower Building
  • Advisors for the sale of the Daechi 2-dong Gangnam-gu, Autoway Tower

Domestic Real Estate Development and Construction
  • Seoul New Town Development Project (large-scale redevelopment and reconstruction project in Korea for the implementation of redevelopments throughout the Korean peninsula by the Korean government)
  • Yonsei University New Campus Development Project in the Incheon Songdo District (which is a free economic zone to be developed near Seoul for attraction of foreign investors and Korean corporations)
  • Jeju International Convention Center Development Project 
  • Yoido Reunification Church Land Development Project (which is a construction and development project of an international finance complex to be located in Yoido, the heart of Seoul)
  • Yoido AIG Land Development Business Project
  • Sangam DMC Landmark Building Project (which will be a 133-story building)

Overseas Real Estate Development and Construction
Kazakhstan
  • Woolim Apple Town Project (which is the first construction and development project completed by Korean sponsors and lenders through a real estate finance scheme in Kazakhstan)
  • Sungwon Santevill Multi-Complex Building Construction Project (Almaty, Kazakhstan) – Woori Bank and Sungwon Development

China
  • Multi-Complex Building Development Project (Beijing, China)
  • Muliti-Complex Building Development Project (Gonsan, China)

Vietnam
  • Kumho Asiana Plaza Development Project (Kumho Asiana Group, which owns one of the premier airlines in Korea)
  • Ho Chi Minh City B-City Development Project

Russia
  • Business Center Building Construction Project (Moscow, Russia) – Woori Bank and Lotte Construction

Reconstruction
  • Banpo Hanyang Reconstruction Project (which is one of the most expensive pieces of real estate in Korea)
  • Jamwon Daelim Apartment Reconstruction Project
  • Ilsan New Town Project (which is a large-scale development and construction project near Seoul)
  • Mapo-ro, Zone 1, District 53 Urban Environment Renovation Project
  • Dogok Hyundai Reconstruction Project
  • Jangwie New Town Project

REITS / Fund
  • Establishment of REITS by Meritz Securities
  • Transfer of assets into CR-RETIS of Hanjin Heavy Industry
  • Transfer of Eland Group’s real properties into REITS
  • Sale of shares of CR-REITS comprising real properties owned by the New Core Group
  • Introduction of REITS for the rest stops of the Korea Expressway Corporation
  • Establishment of Macquarie REITS and assistance with listing procedures
  • Total return swap related to Macquarie CR-REITS
  • Purchase of interests in Gatwick Airport (London) 
  • Purchase of interests in KDX Toyosu Grand Square (Tokyo) and others

Real Estate Trusts
  • Various projects of the prime real estate trust companies in Korea.
  • Various cases involving restructuring, rehabilitation and other insolvency proceedings affecting or relating to real estate trust business.
  • Hannam-dong Dankuk University land development and trust project (which is one of the largest land development projects implemented by a university in Seoul).
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Key Contacts
Recent Accolades
Recent Developments