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IFC SEOUL ANNOUNCES LEASES WITH FASHION BRAND ‘ZARA’ INDITEX GROUP
SEOUL, SOUTH KOREA, 5 January 2011 – AIG GRE today announced that it has signed four separate lease agreements with the Inditex Group, the internationally renowned Spanish retailer and one of the world’s largest distribution groups. With approximately 4,907 stores worldwide, the group will open Zara and other Inditex Group brands in a total of 3,035 square meters at International Financial Centre Seoul Mall (“IFC Mall”).
IFC Seoul is a 500,000 square meter world-class mixed-use project developed in Yeouido financial district located in the heart of Seoul. IFC Mall will have approximately 40,000 m2 of retail space featuring 110 stores and restaurants and is scheduled to open in late 2011. Upon completion, IFC Seoul will comprise three office towers, a 5 star Conrad Hotel, a 9-screen Cineplex CGV and an international food emporium as well as leisure areas, a direct connection to the Seoul subway transportation system and public access to green spaces.
“We are delighted to announce Zara and the inditex Group brands as some of our key retail tenants at IFC Mall,” said Mr. William F. Freeman, Managing Director of AIG Global Real Estate. He added, “With this multi-deal representation from the Inditex Group, we are looking forward to offering many fashion-conscious customers convenient and exciting shopping experiences at IFC Mall.”
Developed by AIG Global Real Estate in cooperation with the Seoul Metropolitan Government, the IFC Seoul project is a key component in the Seoul Metropolitan Government’s plan to rejuvenate the Yeouido area and to position the area as a regional financial center, creating employment opportunities and enriching the quality of life for local residents. Construction on the 32-story One IFC office tower is processing smoothly as planned with a scheduled completion. The remaining Two IFC office (29-story) and Three IFC (55-story) will be completed in phases through 2012.
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