Shinhan Financial Joins Hands with LogisValley to Establish 'Logistics Center Investment REIT'

From left in photo: Geun Soo Jung (Head of GIB Business Group), Yoon Gun Byung (CEO of LogisValley), Hoon Namkoong (CEO of Shinhan REITs Management). ⓒ News1

(Seoul=News1) Reporter Jong Hwan Kook = Shinhan Financial Group has decided to establish a REIT (Real Estate Investment Trust) that invests in logistics centers.

Shinhan Financial Group's GIB Business Group and Shinhan REITs Management announced on the afternoon of the 14th that they signed a memorandum of understanding (MOU) with LogisValley to establish a REIT.

LogisValley is a specialized logistics group established by companies including Sunkyung E&C (a company specializing in logistics center development and construction), Hanaro TNS, Cheonma Logistics, Bow System, LogisValley SLK, and Woojin Global Logistics.

Through this agreement, Shinhan Financial plans to establish a REIT in the second or third quarter of this year to invest specializedly in logistics centers owned by LogisValley. Additionally, after incorporating logistics centers currently under development or scheduled for development, it plans to list the specialized logistics center investment REIT on the KOSPI market by the second half of 2022.

A Shinhan Financial official stated, "Through the 'Shinhan N.E.O. Project' being pursued to support the success of the Korean New Deal, we are establishing a financial support system related to the smartification of the domestic construction industry using 4th Industrial Revolution technologies such as smart cities and smart logistics." He added, "Through this memorandum of understanding, Shinhan Financial and LogisValley will work together to create a specialized logistics center REIT with high reliability and stability."

jhkuk@news1.kr