Woori Asset Trust Obtains Final Approval as 'REIT Asset Management Company' from Ministry of Land, Infrastructure and Transport

Preparing REIT Products Focused on Safe Assets

[Asia Economy Reporter Song Seung-seop] Woori Asset Trust, a comprehensive real estate subsidiary of Woori Financial Group, announced on the 29th that it has obtained dual approval from the Ministry of Land, Infrastructure and Transport to operate as a REITs (Real Estate Investment Trusts) Asset Management Company (AMC).

Since being incorporated as a subsidiary of Woori Financial Group at the end of 2019, Woori Asset Trust has prioritized diversifying its business portfolio. This approval is evaluated as a stepping stone to provide customized comprehensive real estate financial services, including real estate trust, REITs, development project financing (PF), urban renewal projects, and corporate restructuring.

Woori Asset Trust is currently rushing to launch REITs products focused on safe assets to quickly increase its market share in the REITs market. It plans to launch early REITs products targeting office buildings in Seoul’s Gangnam Teheran-ro and Yeouido areas, where long-term lease contracts are possible and rental demand is abundant. Specialized products such as land compensation REITs and urban renewal REITs are also planned.

Lee Chang-jae, CEO of Woori Asset Trust, said, "Entering the REITs market is a great achievement accomplished just one year after becoming a subsidiary of Woori Financial Group," adding, "Collaboration with other subsidiaries makes it possible to launch various structured public and listed REITs products."