This article was published on the ChosunBiz MoneyMove (MM) site at 4:04 p.m. on Nov. 10, 2025.
SK D&D is pushing to acquire real estate around Namdaemun in Jung-gu, Seoul through a REITs (real estate investment trust) subsidiary funded together with the National Pension Service. It is the first time in three years since establishing a REIT for the northern Seoul Station transit-oriented complex development project. SK D&D's subsidiary D&D Investment (DDI) is responsible for real estate management and disposition.
According to the investment banking (IB) industry on the 10th, D&D Investment is seeking to acquire land and buildings around 63-1 Namdaemun-ro 5-ga, Jung-gu, Seoul through DDIVC1, a sub-REIT of DDI VCC Trust Management Real Estate Investment Company (DDIVC). The total transaction expense estimated through due diligence is about 330 billion won. That amount includes the real estate purchase price of 264.7 billion won and due diligence (DD) costs, acquisition tax, eviction and demolition expenses, among others.
DDIVC1 acquired and completed transfer of some sites in 2022 and 2023. The properties additionally being acquired this time are reported to be portions that could not be purchased at the time due to gift and inheritance issues. Many are currently operated as retail stores, and it was confirmed that special clauses state lease contracts will be terminated in the event of redevelopment or reconstruction.
SK D&D is promoting an office development project near Seoul Station. The plan is to build a large office with eight basement floors to 28 aboveground floors and a total floor area of 75,788.28 square meters in Bongrae urban environment maintenance district zone 3 (Bongrae 3 district). The project is being carried out through the sub-REIT DDIVC1 established by DDIVC (51%) and SK D&D (49%). The largest shareholder DDIVC is a parent REIT controlled by the National Pension Service (98%) and D&D Investment (2%).
DDIVC is also pursuing funding through a rights offering to shareholders to support the sub-REIT's land purchase. It plans to issue 1,506,820 new shares at 50,000 won per share. Investors include existing contributors National Pension Service and D&D Investment. The National Pension Service and D&D Investment will each invest about 73.8 billion won and 1.5 billion won, respectively, totaling about 75.3 billion won.
DDIVC1 is expected to complete the land acquisition work this year or early next year and begin full-scale construction from next year. An industry official said, "Except for portions held by two people due to land owned by some school foundations and general corporations and by gifts, the purchases have been completed," and added, "Construction of the office is expected to begin soon." The scheduled completion date is Sept. 2030.
SK D&D plans to pursue a sale after a one-year rent stabilization period following office completion. The industry expects a stable sale will be possible because the area is likely to benefit from northern Seoul Station transit-oriented development, full undergrounding of existing surface lines, and Yongsan maintenance depot development.