Gas stations by Korea’s
No. 1 oil refiner “SK Energy”
- Korea's No. 1 oil refiner, SK Energy, named on the master lease for all gas stations acquired by SK REIT
- All operations related to gas stations, such as leasing and maintaining auxiliary facilities, are expected to generate stable profits at the expense of the lessee
- SK Energy plans to maximize profitability through flexible operation, facility optimization, etc., along with adapting to the external environment that is consistently changing.
- Under the directionality of ‘Carbon to Green,’ it will give shape to the environment-friendly business model to achieve net zero and proceed with a demonstration of its gas station oil-cell project utilizing accumulated marketing capabilities.
| Number of assets | 114 (only land and buildings/does not include lubricators, plumbing, or tanks) | ||
|---|---|---|---|
| Region distribution | 16 in Seoul, 10 in Incheon, 30 in Gyeonggi-do, 27 in provincial metropolitan cities, 31 in other regions | ||
| Service area | 27 commercial zones, 18 residential zones, 18 industrial zones, 53 others |
||
| Land area | 170,942㎡ (51,710 py) | Average land area | 1,474㎡ (446 py) |
| Land-to-building ratio | 95:5 (based on book value) | Increase-rate for land value | Average 5.7% for five years (as of 2021 to 2017) |
| Master tenant | SK Energy | ||
| Purchase price | KRW 766.4 billion (July 7, 2021, Nov. 25, 2021) | ||
| Estimated value of real estate | KRW 908.4 billion (Dec. 31, 2023, Kyungil Appraisal Corporation) | ||
Distribution of SK Energy Gas Stations (114)
Bakseok Gogae
Gas Station, Seoul
Sky Park, Incheon
Bishan Gas Station, Gyeonggi
Seogok Gas Station, Jeonju
Bishan Gas Station, Gyeonggi
Daldongmac Gas Station, Ulsan
Lease status
- Subject Asset 114 gas stations nationwide
- Tenant* SK Energy
- Lease Term** 10years
- Lease Deposit 10-month payment of monthly rent
-
Rent Increase Rate***
One to five yearsRental
fixed
At least six years10-month
payment of
monthly rent - Management Cost Payment**** Triple Net
*100% Master Lease
**Extension available upon tenant’s request (+5 years)
***While being linked with CPI-increase rate for previous year, with the threshold of 1.0%
****Management cost Triple Net: Tenant bears maintenance costs, insurance premiums, and taxes and public imposts
About
Tenants
Top
energy company in the Asia Pacific region, contributing to the happiness of customers
and society through energy
As the No.1 oil refinery that pioneered the industry back in 1962, SK Energy exports various oil products generated at its Ulsan crude-oil refining complex with a capacity of 840,000 barrels per day. SK Energy operates 2,843 gas stations as of the end of 2023, which represents Korea’s largest network. SK Energy plans to maximize profitability through flexible operation, facility optimization, etc., along with adapting to the external environment that is consistently changing. Simultaneously, under the directionality of ‘Carbon to Green,’ it will give shape to the environment-friendly business model to achieve net zero and proceed with a demonstration of its gas station oil-cell project utilizing accumulated marketing capabilities.
- Total assets KRW 19.3trillion
- Sales KRW 43.6trillion
- Operating income KRW 409.2billion
- Credit Rating AA
(As of Dec. 31, 2023, Consolidation basis)