Koramco Asset Trust announced on the 24th that it will sell an additional 13 gas stations owned by Koramco Life Infrastructure Real Estate Investment Trust (REITs).
The targets for the sale include ▲ Yangcheon Gas Station in Mokdong, Seoul ▲ Arirang Gas Station in Jeongneung-dong, Seoul ▲ Daejeon Government Complex Gas Station in Dunsan-dong, Daejeon ▲ Dream Self Gas Station in Gwangsa-dong, Yangju ▲ Hyundai Gas Station in Hyangnam-eup, Hwaseong ▲ Pocheon Daero Self Gas Station in Soho-eup, Pocheon ▲ Samteo Gas Station in Yeongok-myeon, Gangneung ▲ Seowon Gyeongju Gas Station in Bongmyeong-dong, Cheongju ▲ Retail Complex in Daeyeon-dong, Busan ▲ Uam-ro Self Gas Station in Uam-dong, Busan ▲ Hamwol Self Gas Station in Seongan-dong, Ulsan ▲ Geukdong Self Gas Station in Seokjeon-dong, Changwon ▲ Hanam Jeil Gas Station in Docheon-dong, Gwangju.
Koramco Asset Trust decided to bundle and sell assets with development potential and those with low operational efficiency. In the case of Yangcheon Gas Station, it is located 3 minutes away from Sinmokdong Station on Seoul Subway Line 9 and is adjacent to the Han River and Noodle Road. The Daejeon Government Complex Gas Station is situated near the Galleria Department Store Time World, in the largest commercial district of Daejeon. To purchase these gas stations, buyers must participate in bids for other assets.
Koramco Life Infrastructure REITs is a listed REITs that invests in physical assets including more than 140 directly operated gas stations of HD Hyundai Oil Bank, large home appliance specialty stores, and ultra-large logistics centers, as well as preferential shares in prime offices such as the Seochodong Magesta City Tower and the Gangnam Station DF Tower.
Koramco Asset Trust is continuously adjusting the investment assets of Koramco Life Infrastructure REITs, which have been focused on gas stations. After selling these 13 gas stations, the proportion of gas station-related investments will decrease from 61% to 58%.
Koramco Life Infrastructure REITs has been distributing special dividends using the funds recovered from the sale of its assets. After selling six gas stations this year, it is expected to declare special dividends, resulting in an annual dividend yield of around 10%. Koramco Life Infrastructure REITs has also indicated special dividends for 2025.
Koramco Life Infrastructure REITs is also investing in new assets using the funds recovered from the sale of assets. In July, it purchased the Cozy Hotel Hongdae, a corporate-style small and medium-sized hotel, and this month acquired a self-parking tower worth 10 billion won.
Lee Jang-hyuk, the Deputy Minister of Koramco Life Infrastructure REITs, said, “Koramco Life Infrastructure REITs will initiate regular special dividends for active shareholder returns through various sale strategies.”
Koramco Life Infrastructure REITs has selected three companies, including Real Estate Planet, Oscar & Company, and Cushman & Wakefield, as joint bookrunners for the gas station sale. Detailed information related to bidding, including package sales, can be found on the Koramco Life Infrastructure REITs website.