Eugene REITs Management Completes Acquisition of Special Post Office Pension Management Group Building in Mapo-gu

Acquisition Price: KRW 133 Billion
Total Investment: KRW 156 Billion

Eugene REITs Management, the real estate investment trust asset management company under Eugene Group, announced on January 7 that it has successfully completed the acquisition of the Special Post Office Pension Management Group Building in Mapo-gu, Seoul.

Seoul Mapo-gu Special Post Office Pension Management Group Building. Eugene Group

Eugene REITs Management was selected as the preferred bidder for the acquisition of the Special Post Office Pension Management Group Building in Mapo-gu, Seoul, in July last year, marking its first investment achievement since its establishment. The purchase price was approximately 133 billion won, and the total investment amount, including incidental expenses, is about 156 billion won.

During this acquisition, Eugene REITs Management designed a stable financing structure by combining senior and mezzanine loans with preferred and common shares. Notably, the company secured an overall funding rate of about 4.5% without borrowing from major commercial banks, demonstrating differentiated competitiveness in capital procurement.

It is being evaluated that Eugene REITs Management has proven its market competitiveness by quickly securing high-quality assets based on a sophisticated profit structure from its first year of establishment, and by designing stable fee and investment returns.

The Special Post Office Pension Management Group Building is a landmark office property with a total floor area of approximately 22,647 square meters (from six basement levels to 18 floors above ground) on a 1,935 square meter site. With its prime location right next to Gongdeok Station, it is expected to enable stable asset management.

Meanwhile, Eugene Group plans to use the newly acquired building as its integrated headquarters. The group intends to bring together its affiliates, currently dispersed across Yeouido, Yongsan, and Mapo, into one location to maximize work efficiency, create synergy among affiliates, and further enhance the value of asset utilization.

A representative from Eugene REITs Management stated, "Through the acquisition of the Special Post Office Pension Management Group Building, Eugene REITs Management has demonstrated its capabilities as a 'total solution provider' responsible for everything from deal sourcing to exit of external assets, rather than just a simple manager. Building on this successful first step, we will accelerate the establishment of our second and third REITs to further solidify our position in the market."