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SHIN & KIM

Construction, Real Estate & Project Finance Group

Seoul + 82 2 316 4114 Beijing + 86 10 8447 5343 Shanghai + 86 21 6235 0411

Munich +49 89 2421 8527 http://www.shinkim.com

Construction, Real Estate & Project Finance Group

The construction and real estate legal practice in Korea demands a wide range of legal knowledge in diverse areas such as zoning, environment and land use, tax planning, construction, foreign investment, project financing, leasing and dispute resolution. This area of practice has recently seen enormous expansion in size and sophistication in Korea, largely owing to major urban and new city developments that are taking place throughout Seoul metropolitan area and other key regional areas. Efficient and successful implementation of these large and complex projects require careful coordination of legal advice and consultation with project parties, often including government agencies responsible for approvals of such projects. SHIN & KIM's Construction, Real Estate & Project Finance Group provides comprehensive legal services that meet the needs of clients throughout all phases of complex real estate and project finance transactions. Our attorneys have represented a wide array of clients, including foreign and domestic real estate developers, investors, sponsors, lenders, buyers, sellers, landlords and tenants, operators and asset managers and construction companies. The Construction, Real Estate & Project Finance Group is further divided into three sub-practice groups consisting of Real Estate Investment & Development, SOC & Project Financing and Construction & Real Estate related Dispute Resolution. The services provided by each of these sub-practice groups and the transactions they have recently been involved in, are briefly described in the following pages.

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1. Real Estate Investment & Development

Korea's dynamic real estate market has assured that real estate is no longer seen only as a necessary operational asset, but an attractive investment in its own right as well as an integral tool to meet financing needs of a business. Accordingly, real estate transactions have increasingly demanded sophisticated legal services that are capable of identifying potential legal issues and concerns well before the commencement of a project and providing creative solutions to minimize risks and costs to clients. Recently, there has been a strong trend in domestic corporations looking to expand their real estate development and acquisition activities outside of Korea. In addition to advising offshore clients looking to invest in the Korean real estate market, SHIN & KIM has also been active in assisting clients who are looking to establish presence in the offshore real estate market. SHIN & KIM is currently representing AIG in a landmark development project in Yeouido, Seoul, which represents the largest real estate development project in Korea financed by a foreign direct investment. The following services are provided by SHIN & KIM in this area: Provide advice on structuring of real estate investment and development, including tax aspects Preparation, negotiation, execution and implementation of transaction documents relating to acquisition and sale of real estate Preparation, negotiation, delivery and implementation of transaction documents relating to real estate development, including site-lease agreements, land acquisition agreements, sponsor consortium agreements, shareholder agreements, equity investment agreements and construction contracts Provide advice on laws and regulations relating to real estate development, including zoning, environment, land-use and construction Coordination of obtainment of necessary regulatory and government approvals, licenses, permits and consents Provide advice on establishment of investment vehicles such as REITs (including CR-REITs), asset management companies, and agency services for operation of real estate Provide coordination of legal advice for overseas real estate projects and investments

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Major Transactions

Represented AIG in connection with the development and financing of Seoul International Finance Centre in Yeouido, Seoul Acted as counsel to Daewoo Engineering & Construction for the sale of Daewoo Center Building, one of the landmark buildings in Seoul Acted as counsel to Asia Property Fund in connection with its acquisition of Northgate Building and Nara Building in Seoul Provided advice to the government of Jeolla Nam-do province to procure foreign direct investment for regional real estate development Provided advice to Taean district of Choongcheong Nam-do province in connection with development of tourism and leisure facilities Acted as counsel to various domestic corporations in connection with overseas real estate development projects, including projects located in China, Taiwan, Vietnam, Abu Dhabi, Dubai, Russia, the U.S. and Mongolia Represented LaSalle Investment Management in connection with acquisition and refurbishment of Mareje Department Store in Jinju City Acted as counsel to Lehman Brothers in connection with renovation of Myeongdong Tower in Seoul Provided advice to Government of Singapore Investment Corporation (GIC) in connection with the operation of Gangnam Finance Center (formerly Star Tower) in Seoul Represented Kumho Industry in connection with acquisition of Weihai Pan-China Golf Club in China Acted as counsel to Koramco REITs Management and Trust in connection with sale of Hanhwa Building, Daehan Building and Daea Building in Seoul Acted as counsel to Pramerica (formerly GRA) in connection with the sale of Ace Tower, Alpha Building and Gateway Tower (formerly Byucksan Building) in Seoul Provided advice to Pramerica in connection with operation of Hansol Building and Seoul City Tower in Seoul Acted as counsel to Aetos Capital in connection with acquisition and operation of Hyundai Intelex Building, Namdaemum Mesa Building and Best Camp Building in Seoul

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Provided advice to Ascendas, a Singaporean government funded company, in connection with acquisition of Citibank Building in Korea Provided advice to Mirae Asset Maps Investment Management in connection with city redevelopment projects, including Sejongro Redevelopment Project in Seoul Acted as counsel to MIDAS Asset Management in connection with acquisition of U-Bora Tower (office building located in Dubai), an office building in Yangdong, Seoul, and Myungji Building in Seoul Provided advice to LaSalle Investment Management in connection with acquisition and sale of Northgate Building (formerly Jeoksun Building) and development and sale of L-Tower in Taeheran-ro, Seoul.

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2. SOC & Project Finance

As Korea's economy has expanded, the number of large-scale energy, transportation, communication and infrastructure projects has increased. According to the government's private investment inducement policy, social overhead capital (SOC) investments by private enterprises in such projects have also increased. The sponsors for such projects, together with real estate developers and investors, have turned to project financing to meet the financing needs of their projects. SHIN & KIM provides counsel and assistance on all aspects of project development, construction, operation and financing, including the following:

Preparation, negotiation, delivery and implementation of transaction documents relating to projects, including concession agreements, EPC and management contracts and various supply contracts Provide advice on laws and regulations of the national and local governments that pertain to projects Coordination of obtainment of necessary regulatory and government approvals, licenses, permits and consents for projects Provide advice on establishment of project vehicles such as PFVs Provide coordination of legal advice for procurement and implementation of overseas projects Preparation, negotiation, delivery and implementation of financing documents for project financing, including, participation agreements, loan agreements, sponsor support agreements, security documents and letters of credit

SHIN & KIM has actively assisted various clients, including government entities and public corporations, in connection with projects involving social infrastructure, plants, transportation facilities and highways, and also the establishment of infrastructure funds that aim to invest in such projects and the public listing of the shares of such funds. SHIN & KIM was also a major participant in reforming laws governing private investment in social infrastructure.

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Major Transactions

Provided advice to Jeolla Railway in connection with a BTL private investment project, including advice on concession agreements and financial documents. Provided advice to Daejeon Metropolitan City in connection with refinancing for Daejeon Chunbyun Expressway project Provided advice on concession agreements and financing documents relating to private investment in New Bundang Railway project Provided advice on refinancing of senior loans for the Daegu Dongbu Expressway project Provided advice in connection with private investment in Seoul-Chuncheon Highway project Provided advice on investment in the Chonan-Norsan Highway project Provided advice on investment in Incheon International Airport Highway project Counsel to lenders to the Yongsan area Redevelopment project

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3. Project Related Dispute Resolution

The Real Estate, Construction & PF Group provides assistance for all types of disputes that arise in connection with development, construction and operation of various projects, including landlord-tenant disputes, borrower-lender disputes, owner-contractor disputes, disputes among sponsors and investors, disputes involving development rights, land zoning and land use and administrative proceedings involving permits and license issues. It is critical for clients to be able to reach efficient resolution of such disputes in order to ensure success of their projects. Following is a more detailed list of disputes that are handled by the practice group: Construction claims relating to construction costs or delay penalty Claims related to defects, repairs and warranties, especially in connection with multi-residential housing Disputes relating to project bidding, including claims to confirm status of preferred bidder Provisional dispositions related to construction and real estate, including provisional injunctions on construction activities Disputes related to joint venture and sponsor contracts Disputes related to subcontractors Disputes related to private nuisance laws, including right to air, light and noise Disputes related to easements and right of way Disputes related to title to real property Administrative proceedings related to construction permits and approvals Administrative proceedings related to various tax liabilities related to acquisition, disposition and transfer of real property Disputes related to REITs Criminal proceedings relating to construction and real estate

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Major Cases and Proceedings

Acted as counsel to GS Engineering & Construction in connection with civil, criminal and administrative proceedings regarding the demolition of the Incheon Logistics Center Acted as counsel to GS Engineering & Construction in proceedings regarding infringement of right to light and view Acted as counsel to Samsung Heavy Industries in civil and criminal proceedings relating to the Theme Polis project in Bundang City. Represented Hyundai Engineering & Construction, Kumho Industry Development and Ultra Construction & Engineering in proceedings regarding defects in multidwelling residential construction Represented Hyundai Engineering & Construction in connection with preliminary injunction on breach of contract regarding the bidding for the power plant complex located in Southwest Daejeon Represented LIG Engineering & Construction in connection with proceedings involving redevelopment and reconstruction projects Acted as counsel to Gangnam Enterprises in proceedings regarding Haengdam Island development Acted as counsel to C&Woobang in proceedings related to construction Represented Hanhwa Engineering & Construction in connection with proceedings regarding reconstruction projects Represented the developer of the Piccadilly-plus Arcade in civil and criminal proceedings involving lotting of newly constructed Piccadilly Theater Acted as counsel to Korea Rural Community & Agriculture Corporation in proceedings involving claim for compensation for fishing rights related to reclamation of Cheonsuman and the development of Geum River Represented KB Real Estate Trust Company in proceedings in claim for damages arising from disputes over mortgage trusts Acted as counsel for KB Real Estate Trust Company in proceedings involving cancellation of sale of residential units for the Yangpyung-dong High Palace project

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Attorneys of Real Estate, Construction & Project Finance Group

> Real Estate Investment & Development

Kyung Don Lee Shin, Hyun Sik Lee, Yong Woo Robert C. Young Seo, Jangwon Taekyoon Kim +82 2 316 1677 +82 2 316 4257 +82 2 316 4007 +82 2 316 1604 +82 2 316 4210 +82 2 316 1610 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

> SOC & Project Finance

Hur, Chang Bok Song, Woong-Soon Choe, Byoung Seon Hwang, Ho Seog Kim, Sang Man Song, Jong Ho Jo, Young Hee Pak, Hyun ju Helen +82 2 316 4203 +82 2 316 4001 +82 2 316 4298 +82 2 316 4074 +82 2 316 4042 +82 2 316 4237 +82 2 316 4236 +82 2 316 4212 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

> Project Related Dispute Resolution

Lee, Keun-Woong Jae-Yun Yun Shim, Jae-Doo Jeon, Yonghee +82 2 316 4009 +82 2 316 4205 +82 2 316 4037 +82 2 316 4826 [email protected] [email protected] [email protected] [email protected]

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