"Hub City Gas Stations as Logistics and Mobility Centers" Shinsegae Property Launches Complex Center Development

Signing Joint Business Agreement with Koramco Energy REIT
Gas Stations to be Jointly Developed as 'Mobility and Retail Complex Facilities'

[Asia Economy Reporter Yuri Kim] Shinsegae Property announced on the 15th that it has signed a joint business agreement with Koramco Energy Plus REIT to develop a 'Mobility and Retail Complex Center.'

Koramco Energy REIT is a KOSPI-listed REIT that operates 170 gas stations and attached commercial facilities located in major hub cities nationwide, distributing investment returns as dividends. Through this agreement, Shinsegae Property plans to transform the hub gas stations owned by Koramco Energy REIT into new urban logistics hubs where logistics and commercial facilities are integrated. The timing and scale of the complex center development will be specified through future discussions.

According to the business agreement, Shinsegae Property will oversee the entire development project, including concept planning, feasibility review, architectural design, and construction process management, based on its experience in developing large-scale retail facilities such as Starfield.

The 'Mobility and Retail Complex Center' will serve as a regional urban logistics hub located within the city to enable faster and more accurate same-day delivery. Based on the locational advantages of gas stations, it can also be utilized as a mobility hub. It is expected to provide various food and beverage (F&B) brands and entertainment content, serving as a regional community platform.

Shinsegae Property explained that by developing existing gas station sites into small-scale urban logistics centers, it can quickly expand into regional hubs, while Koramco Energy REIT can actively leverage Shinsegae Property’s proven development capabilities to expect rental income and asset value appreciation.

A Shinsegae Property official said, "This development project is not simply about converting gas stations into commercial facilities but about providing eco-friendly community facilities while creating a new regional logistics platform." He added, "We will continue to strengthen our position as a comprehensive real estate developer through new business models and various complex development projects."

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