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Shinsegae Group Forms $500 Million Joint Venture With OKO Group
South Korean retail conglomerate Shinsegae Group announced Tuesday a $500 million joint venture with OKO Group. The partnership targets luxury hotels and branded residences in Asia and North America, plus commercial projects in South Korea.
Jul 20, 9:01 PM·1m read2 sources
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Shinsegae Group announced Tuesday it will establish a $500 million joint venture with global real estate developer OKO Group to develop luxury hotels and other properties. Yonhap reported the agreement. Shinsegae Group Chairman Chung Yong-jin and OKO Group Chairman Vlad Doronin signed a memorandum of understanding in Seoul.
The ceremony took place at the Josun Palace hotel. OKO Group owns luxury hospitality brands Aman and Janu. It has developed hotels and branded residences under both brands. The joint venture will develop luxury hotels and branded residences across Asia and North America.
It will also pursue commercial and mixed-use real estate projects in South Korea, according to Shinsegae.
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