Gwangju Energy Valley Private Rental Housing "Nuguna Jip" Project Enters Full-Scale Implementation
Gwangju Urban Corporation Completes Establishment of Rental REITs
Initiates Follow-Up Steps Including Ministry Approval and Land Contract
The "Nuguna Jip" public-supported private rental housing project, which will be located in the Energy Valley Industrial Complex in Nam-gu, Gwangju, has completed the establishment of a rental REITs (Real Estate Investment Trusts) and has officially entered the implementation phase.
Gwangju Urban Corporation announced on the 1st that, following the completion of the incorporation of the project implementer, "Gwangju Energy Valley Private Rental Management Real Estate Investment Company, Ltd." on May 15, it also finished registering the business on May 27.
The newly established rental REITs is a legal entity set up to carry out the public-supported private rental housing construction project in the D1 block of Energy Valley in Nam-gu. Previously, in April, Gwangju Urban Corporation completed project restructuring with the preferred negotiating partner, a consortium led by Woomee Construction.
The corporation explained that by financing the project through a REITs structure, the loans for supplying rental housing are not directly reflected as corporate debt, thereby reducing the financial burden.
With the establishment of this entity, the project will now proceed to the next steps. Gwangju Urban Corporation plans to obtain approval for REITs operations from the Ministry of Land, Infrastructure and Transport in the second half of this year, after review by the Housing and Urban Guarantee Corporation (HUG) fund investment committee. Afterward, it will proceed with signing the land purchase contract and the groundbreaking process to supply the housing.
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Kim Seungnam, President of Gwangju Urban Corporation, said, "The establishment of this rental REITs is an important step toward providing a stable housing foundation for citizens without homes," and added, "We will faithfully fulfill our role in public housing welfare as a public institution while maintaining financial stability."
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