IGIS RESIDENCE REIT Co., Ltd.
KKRX:3505203,105.00
KRW
-35.00
(-1.11%)
IGIS RESIDENCE REIT Co., Ltd.
KRX:350520
(Korea Stock Exchange)
Recent
price
3,105.00
P/E
ratio
14.03
div
yld
- -
ROIC.AI
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- Business
- IGIS RESIDENCE REIT Co., Ltd. (350520.KS) operates as South Korea's first listed residential real estate investment trust, focusing on the acquisition, management, and leasing of income-producing residential properties including public rental housing, multi-family apartments, co-living facilities, student dormitories, and senior housing. Founded on February 3, 2020, and headquartered at 115 Yeouigongwon-ro, Yeongdeungpo-gu, Seoul, South Korea, the company generates stable revenue primarily from long-term rental payments backed by government housing programs and institutional tenants, with a portfolio that includes key domestic assets such as The Sharp Bupyeong Central City (5,678 units in Incheon), Nudity Hongdae co-living (296 units in Seoul), Deers Pangyo (521 units in Pangyo), and Deers Myeongdong (previously held and sold); internationally, it features U.S. properties like Spring Creek Towers multi-family complex (5,881 units in New York), Illinois University Urbana-Champaign student dormitory, and HUD-supported rental housing projects. The REIT serves individual and family tenants in public housing programs, as well as students and young professionals in co-living and dormitory segments, with operations concentrated in South Korea and selective U.S. markets for diversified exposure. Recent developments include the issuance of KRW 300 billion in social bonds in 2025 at 4.5% to refinance debts from vulnerable population housing projects in New York and Illinois, following a prior KRW 400 billion social bond in 2024 and marking it as the first listed Korean REIT to pioneer such instruments; successful low-rate corporate bond issuances in 2025, including KRW 100 billion at 4.7% (lowest for A- rated 1-year listed REITs) and KRW 150 billion short-term at 4.3%, reducing weighted average borrowing costs to 3.24%; completion of its inaugural asset sale of Deers Myeongdong co-living in 2024 with an 8.5% IRR over 3.5 years, enabling capital recycling and enhanced semi-annual dividends; and ongoing portfolio management amid sales processes for affiliated assets like the Hongdae co-living building in 2025. Managed by IGIS Asset Management, the REIT maintains assets under management exceeding KRW 1.3 trillion, emphasizing ESG-compliant financing, high occupancy from government-supported demand, and shareholder returns through stable dividends and value-add strategies.