Eugene REITs Management Partners with CareDoc for Senior Housing REITs Business Collaboration

Establishing a K-Care-Based REITs Ecosystem

On October 22, Eugene REITs Management announced that it had signed a memorandum of understanding with CareDoc, a senior care tech company, for cooperation in the senior housing REITs business.

Eugene REITs Management CEO Oh Jung Kwon (right in the photo) and CareDoc CEO Jae Byung Park are taking a commemorative photo after signing a memorandum of understanding for 'Senior Housing REITs Business Cooperation' at the Eugene REITs Management headquarters in Yeongdeungpo-gu, Seoul on the 21st. Eugene Group Photo by Eugene Group

Through this agreement, the two companies plan to establish the first senior housing REITs platform in Korea. Starting with an initial scale of several tens of billions of won, they aim to create a K-Care-based REITs ecosystem that can grow to several hundreds of billions of won in the long term. Eugene REITs Management will be responsible for structuring and managing the REITs, while CareDoc will participate as an operational partner for senior housing facilities, leveraging its nationwide care infrastructure and IT platform.

Last year, the government announced measures to promote senior residences and eased related regulations. As a result, the construction, hotel, and financial industries are actively entering the senior housing market. According to the Korea International Trade Association, the domestic silver industry is expected to grow from 72 trillion won in 2020 to 168 trillion won by 2030.

Eugene REITs Management will secure and manage REIT assets based on the real estate development and financial management capabilities accumulated by Eugene Group over the past 70 years. CareDoc will be responsible for operating facilities such as senior towns by utilizing its nationwide network for nursing and home care services.

A representative from Eugene REITs Management stated, "Through the K-Care REITs model, which combines real estate finance and senior care services, we will expand the residential and welfare infrastructure needed in a super-aged society," adding, "We aim to implement an ESG-type REITs model that creates both investment returns and social value."

A CareDoc representative said, "By combining Eugene Group's real estate expertise with CareDoc's operational know-how, we will establish the standard for Korean-style senior housing REITs."