This article was posted on the ChosunBiz MoneyMove (MM) site at 3:07 p.m. on Dec. 5, 2025.
Koramco REITs Management and Trust is preparing to sell a large logistics center located in Hang-dong, Incheon. It is a site that Coupang, the country's No. 1 e-commerce company, rents in its entirety and uses as a fresh-food logistics hub.
On the 5th, investment banking industry sources said Koramco REITs Management and Trust recently started distributing requests for proposals (RFPs) to domestic and overseas real estate consulting firms and accounting firms to sell the Coupang logistics center in Hang-dong, Incheon. The seller plans to select a sales adviser within this month and begin formal procedures.
The Coupang logistics center is a low-temperature logistics facility with a total floor area of 88,234 square meters (26,691 pyeong) and seven aboveground floors. It is the largest logistics center by total floor area among facilities located in the Incheon Namhang logistics complex. Koramco REITs Management and Trust signed a pre-purchase agreement before the logistics center was completed and completed the asset acquisition in May 2021.
Coupang signed a master lease with Koramco REITs Management and Trust to use the facility as a fresh-food logistics hub. It entered an initial five-year contract that could not be terminated early, with a 5-year-plus-5-year extension option. Within a 2 km radius of the logistics center are major highways including the Seoul Ring Expressway Second Outer Ring and the Second Gyeongin Expressway and the Gyeongin Expressway, enabling fresh-food delivery across the Seoul metropolitan area, including Seoul and Incheon, within one hour.
Coupang's personal data breach, which has prompted customers to pursue class-action lawsuits and raised the possibility of large fines from authorities, is cited as a negative factor.
However, an industry official said Koramco REITs Management and Trust "secured a five-year extension with Coupang, extending the lease expiry to 2031." Because Coupang decided to lease the logistics center long-term, the center's profitability is unrelated to Coupang's operating performance.
Market participants expect the transaction price for the logistics center to reach several hundred billion won. Previously, Koramco REITs Management and Trust invested a total of 360 billion won to acquire the Coupang logistics center, combining purchase fees, acquisition tax and stock issuance costs. Interest from potential buyers is high as the long-term lease by Coupang, a major player in the logistics industry, coincides with forecasts of reduced supply of new logistics centers.
The largest shareholder is Shinhan Bank, which holds 33.8% of the preferred shares. Shinhan Bank holds the stake through the Korea Mezzanine Specialized Private Real Estate Investment Trust No. 1. Mastern Premier Reit 1, a listed REIT, holds 6.4% of the preferred shares and 19.8% of the common shares. Other major shareholders include LF Corp. (12.9%), KT&G (11.6%) and the Tobacco and Ginseng Public Officials' Mutual Aid Association (7.7%).