Woori Asset Trust Launches Namyangju Yangjeong Daeto REITs No. 1

[Asia Economy Reporter Hwang Yoon-joo] Woori Asset Trust, a comprehensive real estate finance subsidiary of Woori Financial Group, is launching its first Daeto REIT, 'Woori Yangjeong Daeto REIT Co., Ltd.'

Woori Asset Trust announced on the 15th that it has completed the special approval from the Ministry of Land, Infrastructure and Transport and the in-kind contributions from 37 Daeto compensation right holders as the asset management company of Woori Yangjeong Daeto No.1 Entrusted Management Real Estate Investment Company (Woori Yangjeong Daeto REIT).

'Woori Yangjeong Daeto REIT' is a project that receives commercial land in the Namyangju Yangjeong Station area urban development zone, located in Yangjeong-dong and Wabu-eup, Namyangju City, covering approximately 2.06 million square meters, as Daeto, and constructs neighborhood living facilities and officetels for sale. The capital amounts to 23.7 billion KRW, including 23.4 billion KRW of in-kind contributions from Daeto compensation right holders and the establishment capital.

The project proceeds according to the development announcement by Korea Land and Housing Corporation, and the supply of housing sites in the Namyangju Yangjeong Station area urban development is scheduled for July 2024.

After receiving the housing site supply, Woori Yangjeong Daeto REIT Co., Ltd. will obtain business approval from the Ministry of Land, Infrastructure and Transport and proceed with the Daeto development project.

Woori Asset Trust has directly communicated with Daeto compensation right holders through the 'special registration Daeto REIT' method under the revised Real Estate Investment Company Act for this project. Going forward, it plans to protect Daeto compensation right holders and proceed in a way that ensures direct benefits to land compensators through stable and transparent development projects.