[Market Focus] Koramco The One REITs Hits Record High on Hopes for Hana Securities Building Sale

Koramco The One REITs showed strong performance in early trading.

As of 9:03 a.m. on December 15, Koramco The One REITs was trading at 8,750 won, up 9.38% (750 won) from the previous trading day, marking a new 52-week high.

The surge in investor sentiment is attributed to the possibility of selling the Yeouido Hana Securities Building, which is the underlying asset of Koramco The One REITs.

Koramco The One REITs, which has recorded the highest return among domestic REITs with a year-to-date increase of 89.6%, drew market attention on December 12 when Hana Securities notified its intention to exercise the call option on the Yeouido Hana Securities Building, which it currently leases. Expectations that the asset sale could result in a net asset value (NAV) higher than the current share price have already been reflected in the stock price.

Lee Hyejin, a researcher at Daishin Securities, explained, "The Hana Securities Building has additional development potential, such as available floor area ratio, so there is a high possibility that the sale price will be formed at more than 32 million won per pyeong. Assuming a sale price of 32 million won per pyeong, the estimated liquidation value available for dividend, after deducting sale fees and other costs, is about 8,600 won per share."

Following Hana Securities' notification of its intention to exercise the call option on December 12, Koramco The One REITs plans to initiate a public bidding process for the building sale within two months from the date of receipt of the notice. Upon completion of the asset sale, Koramco The One REITs is expected to proceed with delisting and liquidation.