Hines is planning to develop a $1bn mixed-use tower in Busan, South Korea.
The global real estate manager said it intends to develop and operate the 74-storey Global Quantum Complex which will house the nation’s first quantum computing R&D hub, offices and space for education, as well as retail and residential offerings.
The construction for the 180,000sqm complex will commence in 2024 and is expected to complete in 2027. The Global Quantum Complex will be the firm’s largest project in Korea to date.
Hines established a capital markets office in Seoul in 2013 and an investment and development office in 2021. Over the past two years, the company has expanded its presence in the market with the acquisition of West Gate Tower in Seoul, and three logistics developments in Incheon, Anseong and Hwaseong.
Ray Lawler, CEO, Asia Pacific at Hines, said: “South Korea is an important growth market for Hines, and we are looking forward to partnering with the City of Busan as we continue to expand our business to innovative new sectors like quantum computing.
“As more global companies increase their interest and demand for it, they will now be able to look to Busan and this mixed-use development as their next location for the future.”
Harry Lee, managing director and country head of South Korea at Hines, said: “As South Korea’s second-largest city, Busan is an important hub for business, R&D, logistics, trading and global shipping so we are confident that this mixed-use project will help to make the community more vibrant and make progress towards the city’s goal of being a global business hub centered around quantum computing.
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