Daishin Financial Group’s first listed REIT, Daishin Value REIT, noted on the 20th that it was successful in the demand forecast for institutional investors.
The demand forecast conducted on the 12th and 13th saw participation from 174 domestic and international institutional investors, who applied for 860 million shares. The public offering price per share is 5,000 won, and the total order size is 430 billion won. The underwriters are DAISHIN SECURITIES, Korea Investment Securities, and Samsung Securities.
The underwriters explained, “Recently, the REIT market sentiment is recovering due to interest rate cuts, and expectations for policy support are also contributing to signaling a structural rebound in the REIT market.”
The underlying asset of Daishin Value REIT is the Daishin Financial Group headquarters building, 'Daishin 343', located on Sejong-daero in Jung-gu, Seoul. Daishin 343 is a prime office building with a total floor area of about 53,000 square meters and is directly adjacent to Euljiro-1-ga Station on Subway Lines 2 and 3. Group affiliates have signed lease agreements with up to 10 years of responsibility.
Daishin Value REIT targets a quarterly dividend yield averaging about 6.35% over seven years. After its listing, it will implement the first quarterly dividend in November based on the August settlement of accounts and conduct dividends four times a year. Kim Song-kyu, CEO of Daishin Asset Trust, said, “We will leap forward as a large-scale listed REIT linked to the group's project REIT development and asset incorporation.”
Daishin Value REIT will conduct subscriptions for general investors on the 23rd and 24th and plans to enter the securities market on the 10th of next month.