LG CNS to bring smart building tech to the US
LG CNS said Tuesday it would launch its smart real estate business in the US, leveraging digital transformation technologies to enhance building asset value.
The company signed a trilateral memorandum of understanding with SomeraRoad, a US-based real estate investment firm, and Mastern America, the US subsidiary of Korean alternative investment manager Mastern Investment Management, to collaborate on smart building projects.
Under the partnership, the three firms plan to jointly promote smart real estate projects incorporating digital transformation, or DX, technologies into smart hotels, resorts, multi-family rental housing and commercial buildings in Kansas City, Missouri and Nashville, Tennessee.
LG CNS will oversee all DX-related aspects within these US real estate development projects. The company aims to implement smart buildings by applying its cityhub building platform to hotels, resorts and offices.
Cityhub building is an integrated building operation platform developed by LG CNS. It offers various functions to collect data, manage and control facilities, and optimize energy usage in large structures such as buildings and factories.
Additionally, the platform will enhance user convenience with blockchain-powered mobile access cards and employee IDs, strengthen information security, and manage digital media content through a content management system. Plans also include deploying intelligent streetlights and smart poles.
The three companies also aim to diversify their business models by integrating DX technologies into smart aviation infrastructure.
“With demand for smart buildings in the US on the rise, we plan to expand our smart building DX business in the US, starting in Kansas City and Nashville, and extending to New York and other locations,” said Choi Moon-keun, senior vice president at LG CNS. “We also aim to broaden our efforts to include smart cities as another way of delivering even greater value to our clients.”
Meanwhile, LG CNS received preliminary approval for its initial public offering on the country's sole bourse operator Korea Exchange’s main board, Kospi, on Monday.
Market analysts estimate the company’s corporate value to be between 6 trillion won and 7 trillion won ($4.3 billion–$4.9 billion), positioning it as one of the most anticipated IPOs of the coming year.
“The scale of inflows may vary slightly depending on the allocation ratio and pricing level, but the additional capital raised through the IPO is expected to have positive effects, such as enhancing investment capacity and managing financial burdens,” said Bae Sung-jin, credit rating analyst at Korea Ratings.
The largest shareholder of LG CNS is LG Corp., holding a 49.95 percent stake, while LG Group Chairman Koo Kwang-mo owns about 1.12 percent of the company, making LG CNS the only LG affiliate in which he has a personal stake.
By Jie Ye-eun(yeeun@heraldcorp.com)
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