Cushman Appointed Advisor for Sale of 19 Koramco Life Infrastructure REIT Gas Stations [Real Estate A to Z]

Also targeting demand for site development
Bids due November 19

Cushman & Wakefield Korea, a global real estate services firm, said on October 14 that it had been appointed as the lead advisor for the sale of 19 gas stations nationwide owned by Koramco Life Infrastructure REIT, which is managed by Koramco Asset Trust.

Cushman & Wakefield Korea issued a sale tender notice that day and began actively seeking buyers. Bids are due November 19.

The sale is an asset monetization initiative by Koramco Life Infrastructure REIT to restructure its existing portfolio and invest in new growth assets.

A Hyundai Oilbank gas station owned by Koramco Life Infrastructure REITs. Cushman & Wakefield.

The properties for sale comprise eight gas stations in Incheon and Gyeonggi Province, including Yongin Dunjeon Self-Service Gas Station; four in Daejeon and North Chungcheong Province, including Cheongju Gyodae Self-Service Gas Station; four in Daegu and North Gyeongsang Province, including Gyeongju Saehwarang Gas Station; and three in South Gyeongsang Province, including Changwon Geukdong Self-Service Gas Station.

The locations vary, ranging from gas stations along arterial roads in metropolitan industrial complexes to those in residential and commercial areas in provincial cities. Cushman & Wakefield Korea plans to identify buyers in two groups: end users who would operate the stations and developers or investors considering conversion to other uses or mixed-use development.

Cushman & Wakefield Korea said, "The market increasingly views gas stations not simply as operating properties that supply fuel to vehicles, but as 'development properties.'" This can involve developing the entire site or changing its use and transforming it into commercial facilities.

Unlike sales of ordinary commercial buildings, however, these transactions require consideration of specific permitting risks, including soil surveys, vacant possession, facility demolition, and road occupancy. This is an area where an advisor plays a significant role. Cushman has advised on the sale of gas stations associated with GS Caltex and SK Energy.

A representative of Cushman & Wakefield Korea's Corporate Solutions team said, "The gas stations in this sale are located across major regions nationwide, from the Seoul metropolitan area to the Chungcheong and Yeongnam regions, and vary in location, operating format, and potential uses. Since a range of factors must be considered when evaluating gas station assets, we will draw on our relevant transaction experience and market network to support a successful sale."

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