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Biz News Korea(Eng)
E-Land’s real estate investment trust to go public in April
- Collected
- 2017.12.27
- Distributed
- 2017.12.28
- Source
- Go Direct
E-Land’s New Core outlet
A REIT is a real estate company that offers common shares to the public, which are tradable on the stock exchange.
According to sources on Monday, KORAMCO REITs Management and Trust submitted its IPO plan for E-REITS KOCREF REITS with a goal to list the stock by April of next year. A preliminary review has passed last week.
E-REITS KOCREF REITS was founded in 2005 backed by New Core’s three key outlets whose revenue amounts to some 500 billion won ($464.6 million) a year, a cream of the crop in 53 nationwide shops owned by E-Land Retail.
A total of 80 billion won will be raised from the IPO. The proceeds plus 90 billion won borrowed from banks will be used to buy new properties. The REIT is estimated to be valued at between 300 billion won and 340 billion won after the IPO.
NH Investment & Securities and Samsung Securities will handle the IPO as lead managers.
By Chun Kyung-woon and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]