New Songdo International City Development, the International Business District developer established as a collaborative project between POSCO E&C and the U.S. developer Gale International, on Monday signed a $47 million investment deal with Cisco Systems Inc.
Under the deal, Cisco will move its Smart + Connected Communities Global Center into the Northeast Asia Trade Tower in Songdo, Incheon and establish a joint venture with the real estate developer.
“With this announcement with Cisco, NSIC will gain further momentum attracting foreign capital. And our partnership with Cisco will contribute to realizing a truly ‘smart’ life for residents and workers in Songdo IBD and to creating related jobs in the country,” chairman of New Songdo International City Development Stan Gale said.
Officials pose after New Songdo International City Development and Cisco Systems signed a $47 million deal in Incheon on Monday. From left: President of Cisco’s Globalization and S+CC business division Anil Menon, Incheon Mayor Song Young-gil, New Songdo International City Development chairman Stanley Gale, and LG CNS CEO Kim Dae-hoon. (New Songdo International City Development)
The joint venture, U.Life Solutions, will be established in collaboration with New Songdo International City Development’s subsidiary Songdo u.Life.
Songdo u.Life is a joint venture between New Songdo International City Development and LG CNS.
The new joint venture will be 70 percent held by Songdo u.Life and 30 percent held by Cisco, the company said.
According to New Songdo International City Development, U.life Solutions will introduce Cisco’s home networking system to residential and business properties in Songdo’s International Business District.
“The principle role of U.life Solutions is to develop Songdo IBD into a smart city, and this development model will be exported to other cities in the near future,” the company said in a statement.
By Choi He-suk (firstname.lastname@example.org