[BizHanKook] It has been confirmed that Hyundai Heim Asset Management filed for the ‘Accomo’ trademark this past April. Coverage also revealed that Hyundai Heim Asset Management is conducting an officetel rental business using the Accomo brand in Geumcheon-gu and Dongdaemun-gu, Seoul. Consequently, the possibility that the Accomo brand will be used for the senior residence currently being developed in Mok-dong has been raised.
Hyundai Heim Asset Management is an asset management firm specializing in real estate, with 100% of its equity held by Hyundai Marine & Fire Insurance. It is led by Jung Jung-yi (42), the eldest daughter of Hyundai Marine & Fire Insurance Chairman Chung Mong-yoon (71). CEO Jung took office in June last year and successfully secured a second term in April of this year (Related article: [Exclusive] Jung Jung-yi, Eldest Daughter of Hyundai Marine & Fire Insurance Chairman Chung Mong-yoon, Reappointed as CEO of Hyundai Heim Asset Management).
Although Hyundai Heim Asset Management has not garnered much attention in the market previously, it has recently been expanding its business. A particularly notable project is the development of a senior residence. The company acquired the site of the Mok-dong Arts Center in Yangcheon-gu, Seoul, this year to construct a senior residence.
Against this backdrop, it was confirmed that Hyundai Heim Asset Management filed for the ‘Accomo’ trademark in April. The designated goods for Accomo include fields related to real estate, housing, hotels, and more. A representative from Hyundai Heim Asset Management explained regarding Accomo, “It is a brand for some of the real estate assets managed by Hyundai Heim Asset Management.”
As a result of our investigation, it was found that Hyundai Heim Asset Management operates rental businesses for officetels named ‘Accomo Gasan by Homes’ and ‘Accomo Hoegi by Homes’ in Geumcheon-gu and Dongdaemun-gu, Seoul, through a special purpose company (SPC). Accomo Gasan by Homes is located near the Seoul Digital National Industrial Complex, while Accomo Hoegi by Homes is evaluated as having good business potential due to its proximity to numerous universities, including Kyung Hee University, Hankuk University of Foreign Studies, and the University of Seoul.
The real estate industry is paying attention to whether the Accomo brand will also be applied to the senior residence project in Mok-dong. The Mok-dong senior residence is planned to be built with approximately 400 units. As the scale of the business is significant, applying the Accomo brand could help increase its visibility in the real estate market.
There is also a possibility that the ‘Mangrove’ brand, rather than Accomo, could be used. Hyundai Heim Asset Management operates lodging facilities such as ‘Mangrove Dongdaemun’ and ‘Mangrove Sinseol’ in Dongdaemun-gu. However, the trademark rights for Mangrove are held by MGRV, not Hyundai Heim Asset Management.
Originally, the largest shareholder of MGRV was HGI, an affiliate of Hyundai Marine & Fire Insurance. HGI sold its stake in MGRV in 2023, and now Cho Kang-tae, CEO of MGRV, is the largest shareholder with a 20.55% stake. This does not mean the relationship between Hyundai Marine & Fire Insurance and MGRV has been severed. The second-largest shareholder, holding a 14.69% stake in MGRV, is Heren Corporation; the largest shareholder of Heren Corporation is Chung Kyung-sun, Vice President of Hyundai Marine & Fire Insurance, with an 82.34% stake, and the second-largest shareholder is CEO Jung Jung-yi with a 15.29% stake.
For now, more weight is placed on the possibility of using the Accomo brand rather than Mangrove. This is because MGRV is independently operating a co-living business using the Mangrove brand. Analysis suggests that Hyundai Heim Asset Management is also highly likely to use its own brand for its growth. Increasing the brand recognition of Accomo could also have a positive impact on the evaluation of CEO Jung Jung-yi.
Hyundai Heim Asset Management stated that no brand name for the Mok-dong senior residence has been finalized yet.