Five Major Gas Stations in Seoul and the Metropolitan Area Up for Sale; Buyers Must Submit Letters of Intent by August 31
By Kyung-Ok Lee, Korea Land Daily
Comprehensive real estate company Oscar & Company (CEO Semi Jang) has been selected as the sales advisor for Koramco Energy Plus REIT’s gas stations.
Oscar & Company will handle the sale of five major gas stations in Seoul and Gyeonggi Province, out of the 18 gas stations nationwide listed by Koramco Energy Plus REIT in a public announcement on July 21. These stations include Seowon in Songpa, Myungil Self in Gangdong, Hwajeong 2 Self in Goyang, Gunja Self in Siheung, and Mokryeon in Anyang.
Interested companies or individuals must submit their bid application and Letter of Intent (LOI) on August 31 between 1:00 PM and 4:00 PM.
Kim Tae-Hoon, Head of Oscar & Company, stated, “These gas stations are generally located on prime, highly visible land at major intersections, with excellent vehicle accessibility. As the demand for drive-thru services is increasing, such as in coffee shops, fast-food restaurants, banks, and pharmacies, urban gas stations offer high investment value. They can also be converted into mixed-use or corporate office facilities to enhance their value.”
Koramco Energy Plus REIT was established with the goal of leasing 187 directly-operated gas stations acquired from SK Networks to provide investors with an annual dividend yield of over 6% based on the IPO price. The REIT was listed on the stock exchange in August 2020.
The funds raised from the sale of these 18 gas stations will be used for the following:
1. Mixed-use development of gas stations,
2. Repurposing gas station sites to attract tenants from other industries,
3. Restructuring the asset portfolio, including the acquisition of new properties and other real estate-related investments.
Oscar & Company, as the selected sales advisor, is a commercial real estate investment advisory firm that provides comprehensive corporate real estate services, including asset management, marketing, acquisition and sales agency, and consulting. The company plans to launch a shared office in October and is also preparing to undertake commercial, office, and residential development projects and introduce a proptech platform in the second half of this year.
Source: Korea Land Daily (http://www.ikld.kr)