Samsung Financial Networks Raises 744.1 Billion KRW for Samsung FN REITs

[Asia Economy Reporter Changhwan Lee] Samsung Financial Networks announced on the 25th that 'Samsung FN REITs' has completed a total fundraising of 744.1 billion KRW through Pre-IPO funding before its listing.

Samsung FN REITs is a REIT company with Samsung Life Insurance and Samsung Fire & Marine Insurance, subsidiaries of Samsung Financial Networks, as major shareholders. It received REIT business approval from the Ministry of Land, Infrastructure and Transport last October. On the 24th, it completed the incorporation of Daechi Tower and S-1 Building and plans to pursue a listing in the first half of next year.

In the Pre-IPO, Samsung Life Insurance and Samsung Fire & Marine Insurance participated as anchor investors (39%) to secure stability, and many institutional investors such as MG Saemaeul Geumgo, Hanwha Life Insurance, Kyobo Life Insurance, and Korean Re also participated. Institutional investors are subject to a one-year lock-up period from the time of investment, securing a stable REIT operation base.

Samsung FN REITs incorporated prime-grade offices as initial assets, including Daechi Tower (GBD, 64% leased by Samsung Life Insurance) and S-1 Building (CBD, 100% leased by S-1), located in Seoul's core areas, and designed a quarterly dividend structure to enhance product attractiveness.

Additionally, based on the sponsors' financial strength, it is evaluated that they can purchase high-quality properties in the market. They have secured the right of first refusal for the sale of real estate owned by Samsung Life Insurance and Samsung Fire & Marine Insurance, enabling continuous incorporation of prime-grade offices in core areas in the future, thus expecting additional growth potential.

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