(Off) Woori Asset Trust Obtains Preliminary Approval for REITs AMC

Woori Asset Trust announced on the 16th that it has obtained a preliminary license for a REITs Asset Management Company (AMC) from the Ministry of Land, Infrastructure and Transport.

Woori Asset Trust, a subsidiary of Woori Financial Group providing comprehensive real estate finance services, has been preparing to enter the REITs AMC business to strengthen its business portfolio since joining Woori Financial, and this marks its first achievement.

Woori Asset Trust is steadily preparing to complete the final licensing process and expects to fully focus on product development and sales activities in the first half of next year.

Domestic REITs (Real Estate Investment Trusts) have expanded by more than 12% (30 companies), from 248 at the end of last year to 278 as of December this year. Total assets also increased by nearly 20% (about 10 trillion KRW), from 51.856 trillion KRW at the end of last year to 61.815 trillion KRW.

Once Woori Asset Trust receives the final license for REITs AMC, it is evaluated that various synergies can be created with Woori Financial’s subsidiaries such as Woori Bank, Woori Comprehensive Financial, Woori Asset Management, Woori Global Asset Management, savings banks, and capital companies.

In particular, it will be possible to diversify the business structure linking the trust business and REITs, as well as REITs and group companies. Above all, the possibility of developing Anchor REITs by leveraging Woori Financial’s financial strength and corporate network is expected to be significant.

Additionally, in the early stages of business, Woori Asset Trust plans to secure a business foundation centered on traditional safe assets such as offices and retail, as well as target specialized markets where trust business and REITs are linked in housing projects and urban regeneration sectors, quickly raising awareness and securing market share. Reporter Hyojin Kim hjn2529@

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