SK reits

First asset revaluation in the Korean REIT industry

Fair value up 18% vs. acquisition cost, reflected in financial statements; significantly improved LTV and debt ratio

Issued KRW 48.5B via third-party allotment

Proactively strengthened capital base and eased LTV through a market-friendly issuance with minimal share dilution

Issued KRW 480B in corporate bonds

Successfully issued and refinanced, backed by AA- credit rating — the highest among Korean REITs — and stable business fundamentals

December 2024: Added SK-C Tower to the REIT portfolio

(Incorporated the new SK-C Tower, strategically located in the CBD where many SK Group companies are concentrated.)

December 2024: Sold three additional gas stations

(Pursued a capital recycling strategy by reinvesting proceeds from gas station sales.)

In 2024, a total of KRW 4,990 billion worth of corporate bonds were issued.

Borrowing competitiveness was demonstrated based on an AA- credit rating (KRW 1,090 billion in February, KRW 2,400 billion in May, and KRW 1,500 billion in October).

Special dividends on the sale of 2 gas stations

SK REIT paid net profits from the sale of two gas stations as special dividends in 2023.
(’23 Q3: KRW 91 per share paid, ’23 Q4: KRW 91 per share paid)

Acquired water treatment center

SK REIT acquired five water treatment centers at the Icheon campus, a key base for SK Hynix's semiconductor production, for 1.12 trillion won, and SK REIT jumped to the No. 1 REIT in Korea with 4.2 trillion won in terms of AUM(assets under management).

SK REIT and SK Energy sign agreement to develop eco-friendly gas station together

SK REIT and SK Energy signed agreement to develop Sihwa Industrial Gas Station (Siheung-si) into a platform with urban logistics and eco-friendly energy capabilities, and SK REIT plans to make a strong push to add value to its gas station assets.

FTSE EPRA Nareit index admission completed

SK REIT has completed admission to the FTSE EPRA Nareit index (Developed Asia Series), which is corresponding to the only global Reit index that determines admission through individual evaluation of Reits in accordance with the global standard. Upon being admitted into the index, foreign ownership of SK REIT more than doubled compared to before.

Jongno Tower incorporation completed

SK REIT purchased the representative landmark trophy office building Jongno Tower, located at the center of Seoul's CBD. SK REIT’s AUM total has increased from KRW 2.4 trillion to KRW 3.1 trillion, securing its position as No.1 in the industry.

‘SK Green Campus’ was created with the participation of six affiliated companies (SK On, SK Energy, SK E&S, SK Gio Centric, SK Ecoplant, and SK Forest) through various environment-friendly business entities to empower the environment-friendly efforts of SK Group.

Acquisition of SK U-Tower in June 2022 through the right of first offer

SK REIT entered into a real estate sale and leaseback agreement with SK Hynix to acquire SK U-Tower, for KRW 507.2 billion, and subsequently re-entered into a master-lease agreement with SK Hynix.

The acquisition of SK U-Tower was the first case of the right of first offer for SK Group assets, and through this, SK REIT rose to No.1 in South Korea in asset size, with AUM of KRW 2.4 trillion.

Affirmed credit rating of AA-, the highest among all the listed REITs in Korea

SK REIT was the first in the industry to obtain an ICR credit rating of AA- from NICE Investors Service.

SK REIT proved the highest level of financial solidity in the industry and increased its financing competitiveness by obtaining the highest credit rating as a listed REIT.

Listed on the Korea Stock Exchange

SK REIT was successfully listed on the Korea Stock Exchange within six months of its establishment on September 14, 2021. Its opening price was determined at KRW 5,340, a 6.8% increase from the initial offering price of KRW 5,000, with the highest intraday price recorded at KRW 6,380, a 19.5% increase from the opening price. Its first day of listing closed at KRW 5,780, a 6.8% increase. Subsequently, SK REIT recorded its highest price of KRW 7,290 on April 27, 2022.

Recorded a record-breaking figure for REITs in terms of IPO subscription,
along with the highest oversubscription ratio

SK REIT recorded a subscription deposit of KRW 19.3 trillion prior to its listing, signaling the greatest figure for an IPO subscription among REITs, to go with the highest oversubscription ratio (552:1).

Acquisition of SK Seorin Building and SK Energy Gas Stations

It acquired the SK Seorin Building, SK Group's main office complex, and secured a master lease with SK holdings listed as the lessee. SK REIT also acquired 116 SK Energy gas stations through its Clean Energy REIT, a subsidiary REIT, and signed a master lease with SK Energy as the lessee. With total assets managed in its portfolio now at KRW 1.8 trillion, SK REIT has embarked on a journey to ultimately list itself on the securities market.

Approved by the Ministry of Land, Infrastructure, and Transport

Upon its incorporation on March 15, 2021, SK REIT applied for a business license in April, which the Ministry of Land, Infrastructure and Transport approved on June 7.