Koramco Life Infrastructure REIT Acquires Anyang Logistics Center for 270 Billion Won

Reinvesting Proceeds from Existing Asset Sales
Added a High-Quality Asset Without a Paid-In Capital Increase

Koramco Life Infrastructure REIT announced on October 27 that it would acquire Anyang Logistics Center, located in Anyang, Gyeonggi Province, for KRW 270 billion. It acquired the large logistics asset without a separate rights offering, using proceeds from the sale of existing assets, loans from financial institutions, and joint equity contributions from external investors.

A view of Anyang Logistics Center. Koramco

Anyang Logistics Center is an urban logistics facility with a gross floor area of approximately 95,475 square meters (28,881 pyeong), located in Gwanyang-dong, Dongan-gu, Anyang, Gyeonggi Province. Completed in 2023, the building has two basement levels and eight above-ground floors. It is equipped with vehicle loading and unloading facilities on every floor, 9,500 kW of power capacity, and automated systems. Located near Seoul’s Gangnam area, it serves as a last-mile logistics hub connecting major consumption centers in the Seoul metropolitan area.

The current occupancy rate is 99.3%, meaning the facility is effectively fully occupied. Tenants have approximately 6.7 years remaining on their weighted average lease term (WALE). Major tenants include Coupang, Nongshim, Geo-Young, and Yongma Logis, with Coupang occupying approximately 77.2% of the total leasable area. The asset’s high occupancy rate and long-term lease agreements make its income more predictable, enhancing its appeal, analysts say.

The purchase price is also approximately 20% below the external appraised value. The appraisal conducted in April 2026 valued the asset at approximately KRW 334.3 billion, about KRW 64.3 billion more than the sale price. Based on gross floor area, the purchase price per 3.3 square meters is approximately KRW 93.5 billion, a competitive price compared with nearby properties, according to an assessment.

Koramco Life Infrastructure REIT financed KRW 198 billion of the total purchase price of KRW 270 billion through loans from financial institutions, with the remaining amount funded with equity. Samsung Securities and Woori Investment & Securities also participated in the equity investment. The company reinvested proceeds from the sale of existing assets and shared the equity investment with external investors to secure the acquisition funding without issuing new shares.

The transaction has also drawn attention because the seller is Kocrel Anyang PFV, established by Koramco Asset Trust. To address concerns about conflicts of interest arising from a transaction within the same corporate group, Koramco Asset Trust appointed global real estate services firm JLL as the sale’s lead manager and conducted a public competitive bidding process. Five domestic and international bidders competed, generating strong interest in the auction. The consortium of Koramco Life Infrastructure REIT and Samsung Securities was ultimately selected as the preferred bidder. The transaction is now set to close about two months later.

Recently, as new supply in South Korea’s logistics center market has fallen sharply, vacancy rates have declined and rents have edged up, particularly at ambient-temperature facilities in the Seoul metropolitan area. According to commercial real estate solutions company RSQUARE, new logistics center supply in the Seoul metropolitan area totaled approximately 175,000 pyeong in the first half of 2026, down to about one-fifth of the level in the first half of 2023. The vacancy rate for ambient-temperature facilities also fell to 12.3%, down 1.0 percentage point from the previous half-year period. However, amid financial cost pressures and regional supply-demand imbalances, demand is concentrating selectively on assets with prime locations and stable tenant structures.

Koramco Asset Trust, which manages Koramco Life Infrastructure REIT, views these market changes as making this an opportune time to invest in high-quality logistics centers and is expanding its efforts to secure such assets. In early November, it plans to close a transaction for the Arenas Yangji logistics center, valued at approximately KRW 620 billion, through a REIT in which CJ Logistics and others are participating as investors. It also plans to complete the acquisition of Lotte Deokpyeong Logistics Center by the end of 2026.

Kim Cheolgyu, Executive Vice President and head of portfolio management at Koramco Life Infrastructure REIT, said, "Anyang Logistics Center is a rare asset with a prime urban location in the Seoul metropolitan area, a high occupancy rate, and long-term lease agreements. It has strong potential in terms of both its purchase price and expected cash flows. Having secured a new asset without diluting shareholders’ ownership through proceeds from the sale of existing assets and a joint investment by Samsung Securities, we will focus on expanding the resources available for dividends and enhancing shareholder value by maintaining stable rental income and managing financial costs."

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