The Seoul, Canada and Cayman offices of Dentons have collaborated to advise Seoul-based Hangang Asset Management on the international aspects of the acquisition of a fulfilment centre in Ottawa, Canada, for CA$494 million. Hangang and its partner, Kiwoon Securities, formed an investment consortium to acquire the majority stake in the project, which is the largest fulfilment centre in Canada and a key distribution hub for Amazon, the long-term tenant of the facility.

The transaction closed in January 2022 and is the largest real estate investment ever made by Korean investors into Canada.

Hangang Asset Management is one of South Korea’s largest asset management firms, with over US$3 billion in assets under management.

Kiwoom Securities Co., Ltd. is an online financial institution. The Company offers equity and fixed income securities brokerage, dealing, and underwriting services, has approximately 1000 employees and revenues of US$1.3 billion.

For Dentons, the Seoul team was led by Senior Attorney Tim Trinka and Senior Attorney Jonathan D. Lynch; the Canada team by Partner Jillian Shortt (Toronto), Partner Clark Kassian (Calgary) and Counsel Jason Trainor (Ottawa); and the Cayman team by Partner Jonathan Bernstein. Partner Sandy Walker (Toronto) provided analysis under the Competition Act and the Investment Canada Act.