Koramco Asset Trust Launches Dual CEO System with Jeong Seunghoe and Lee Choongsung

New CEOs Appointed at Shareholders' Meeting on the 27th... Launch of the Koramco 2.0 Era
Seunghoe Jeong Named CEO for REITs and Overall Management
Choongsung Lee Appointed CEO of Trust Division

Koramco Asset Trust, the leading asset management company in the domestic private REITs market and a pioneer in real estate trust, announced on the 28th that it held its regular shareholders' meeting the previous day and appointed President Seunghoe Jeong as the CEO in charge of REITs and overall management, and Vice President Choongsung Lee as the CEO of the trust division.

Seunghoe Jeong, CEO of Koramco Asset Trust's REITs and overall management, joined Koramco Asset Trust in 2015 after serving as the head of investment teams at Samsung Life Insurance, Samsung Asset Management, and Samsung SRA Asset Management. He has set up over KRW 18 trillion in new assets under management (AUM) while serving as head of the REITs business division and department head. Having listed a total of three REITs, he is recognized for contributing to the revitalization of the domestic REITs market and expanding the investment base. At the end of last year, he received a commendation from the Minister of Land, Infrastructure and Transport in recognition of his contributions to the development of the Korean REITs industry at the ceremony celebrating the achievement of KRW 100 trillion in REITs hosted by the Ministry of Land, Infrastructure and Transport.

Choongsung Lee, who begins his role as CEO of the trust division, is a real estate trust expert with experience at Sungwon Construction and Kukje Asset Trust. He is regarded as a first-generation expert in the recently spotlighted trust-based redevelopment projects and has led the completion of five redevelopment project sites. Koramco is currently standing out in the trust-based redevelopment sector, having secured contracts for a total of 17 project sites.

In his inaugural speech, CEO Jeong, in charge of REITs and overall management, stated, "To overcome the increasingly uncertain real estate market, it is necessary to advance our organization and systems." He added, "Based on the 'ONE Koramco' spirit, let us create a 'NEW Koramco' where each division and team moves toward the same goal through strong solidarity, joint innovation, and organic collaboration."

CEO Lee of the trust division urged, "We must discover stable profit businesses based on risk management capabilities through strong change and innovation." He said, "We need to be reborn as a completely new organization by strengthening expertise in all areas related to real estate development projects, not just as simple trust specialists."

Koramco Asset Trust is a real estate finance company operating three main businesses: ▲REITs division ▲real estate trust division ▲real estate fund division (subsidiary Koramco Asset Management). As of the end of last year, it holds approximately KRW 33 trillion in AUM and KRW 14 trillion in cumulative trust assets.