Shinhan Seobu TND REITs to List on KOSPI on the 10th... Expected Annual Dividend Yield of 6.25%
Attractive 8% Dividend Yield in the First 13 Months After Listing
[Asia Economy Reporter Minji Lee] Shinhan Seobu T&D Trust Management Real Estate Investment Company (hereinafter Shinhan Seobu T&D REITs) will be listed on the KOSPI market on the 10th.
Seung Man-ho, CEO of Seobu T&D, stated, “Shinhan Seobu T&D REITs is a complex-type developer anchor REIT, and we will expand the potential for profit growth through the addition of various assets in the future.”
Shinhan Seobu T&D REITs recorded a competition rate of 564.84 to 1 with a total of 827 participating institutional investors in the demand forecast conducted last November. In the subsequent public subscription for general investors, it showed a competition rate of 151.98 to 1, raising 3.0396 trillion KRW in subscription deposits. The total public offering amount of Shinhan Seobu T&D REITs is 134.89 billion KRW, and the market capitalization after listing is 279.779 billion KRW based on the public offering price.
The main assets include Incheon's mega complex shopping mall Square One and the high-end residence hotel Grand Mercure at Seoul Dragon City. Recently, Seoul Dragon City was selected as the sole negotiator for the new business site of Grand Korea Leisure (GKL) Seven Luck Casino, which is expected to have a positive impact not only on hotel customer attraction and promotion but also on future hotel sales growth.
Seoul Dragon City is an asset previously held by Seobu T&D, the major shareholder of Shinhan Seobu T&D REITs, and consists of four hotels: Grand Mercure, Ibis Styles, Novotel, and Novotel Suites. Among these, Seobu T&D incorporated Grand Mercure into Shinhan Seobu T&D REITs at the end of 2020.
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Meanwhile, the average expected dividend yield of Shinhan Seobu T&D REITs over five years from 2022 to 2026 is 6.25%. For the first 13 months after listing, it will pay approximately 8% dividends.
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