Daesin Financial Group's Daesin Value REITs Approved by Ministry of Land, Infrastructure and Transport for Office Building Acquisition
Umbrella-Structured Listed REITs
Scheduled for a 100 Billion KRW Public Offering in Q2 Next Year
Daeshin Asset Trust announced on the 3rd that it received business approval from the Ministry of Land, Infrastructure and Transport for the listed REIT ‘Daeshin Value REIT’ and ‘Daeshin Value REIT Private Fund No.1,’ which is based on Daeshin 343 as the underlying asset. The structure is a ‘parent-child’ type, where Daeshin 343 is included in Daeshin Value REIT Private Fund No.1, and Daeshin Value REIT includes Daeshin Value REIT Private Fund No.1.
Daeshin Value REIT plans to conduct a Pre-IPO (pre-listing investment attraction) in the first quarter of 2025, followed by a public offering worth 100 billion KRW in the second quarter. This is based on the expectation that the financial environment will stabilize through a base interest rate cut in the first half of next year. Daeshin Asset Trust explained that domestic securities firms such as KB Securities, Korea Investment & Securities, Hana Securities, and Shinhan Investment Corp. have either decided on their own equity investments or have expressed interest in underwriting.
Daeshin Financial Group will invest equity in the common shares of the public REIT. Daeshin Value REIT, which first incorporated Daeshin 343?one of the group’s most core and high-quality assets with an acquisition cost of 662 billion KRW?plans to continuously include key domestic assets located in prime areas that it owns or is developing, aiming to grow into a mega listed REIT with assets exceeding 2 trillion KRW.
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Daeshin 343 is a prime-grade office building with 26 floors above ground and 7 basement levels, totaling a gross floor area of 53,369.3 square meters. It offers permanent views of Myeongdong Cathedral and Namsan. Located in Euljiro, Seoul, it features excellent accessibility to the Central Business District (CBD) and Gangnam area. Daeshin Financial Group and retail facilities occupy the entire building.
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