Mirae Asset Global Investments Launches First REIT... Investing in Gwanggyo Commercial Facilities

Obtained Ministry of Land Approval on the 25th... Public Offering Scheduled for First Half of This Year

[Asia Economy Reporter Minwoo Lee] Mirae Asset Global Investments is launching its first REIT product.

On the 26th, Mirae Asset Global Investments announced that its first REIT product, 'Mirae Asset MAPS No.1 Trust Management Real Estate Investment Company (hereinafter MAPS REIT No.1),' received approval from the Ministry of Land, Infrastructure and Transport on the 25th.

MAPS REIT No.1 is a REIT investing in commercial facilities within Gwanggyo Central Prugio City in Yeongtong-gu, Suwon-si, Gyeonggi-do. It consists of officetels covering 112,639 square meters (㎡) and commercial facilities covering 86,190 ㎡, spanning from 8 basement floors to 17 above-ground floors.

Currently, GS Retail is the tenant of the entire commercial facility, and Lotte Shopping subleases it to operate Gwanggyo Lotte Outlet and Lotte Cinema. With lease and sublease contracts signed with tenants and subtenants until 2035, about 15 years of responsible lease agreements are in place, enabling stable cash flow generation of over 6% annually, making it a high-quality commercial real estate asset.

The seller of the property is Koramco Asset Trust, and Mirae Asset Global Investments formed a consortium with Mirae Asset Daewoo and was selected as the preferred negotiator in November last year. The acquisition amount is approximately 280 billion KRW. Mirae Asset Daewoo plans to invest about 102 billion KRW through subordinated secured loans, with the remaining amount to be financed through bank loans and lease deposits.

Mirae Asset Global Investments plans to proceed with the listing process of MAPS REIT No.1 in the first half of this year to raise public funds. To this end, it will also sign a lead underwriting agreement with Mirae Asset Daewoo.

Choi Chang-hoon, Head of the Real Estate Division at Mirae Asset Global Investments, stated, "Starting with the commercial facilities of Gwanggyo Central Prugio City, MAPS REIT No.1 will additionally incorporate high-quality domestic and international real estate to build a diverse real estate portfolio within a single REIT." He emphasized, "Through Mirae Asset Group's first REIT, we will provide investment solutions not only to institutional investors but also to individual investors seeking stable dividends."

This content was produced with the assistance of AI translation services.