PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩354 per share · Prices as of the 2026-10-02 close
Koramco The One REIT has sold its sole asset, the Hana Securities Building in Yeouido, realizing a large gain, and is now reviewing a plan to dissolve after a special dividend rather than acquire a new property.
On June 9, 2026, the company sold the Hana Securities Building in Yeouido, realizing a large gain over its acquisition cost.
In a filing dated July 22, 2026, the company disclosed it is reviewing a plan to return sale proceeds via a special dividend and then dissolve through an extraordinary shareholders' meeting.
Confirmed 2022-2025 financials show steady revenue and operating profit growth from the single leased asset, with operating margin staying in the high-60% range.
Amid growing expectations for the asset sale and dissolution, the share price showed large swings.
If dissolution proceeds, the REIT's existence as a listed vehicle would end, while acquiring a new asset in a high-price environment could raise investment costs—leaving uncertainty under either path.
Koramco The One REIT is a perpetual, pure-play office listed REIT established by Koramco Trust, Korea's largest REIT asset manager, listed on KOSPI in March 2022 with the roughly KRW 520 billion Hana Securities Building in Yeouido's financial district as its underlying asset and a targeted yield in the mid-6% range.
The company adopted a quarterly dividend structure, becoming the second quarterly-dividend REIT in Korea after SK REIT, which listed in August of the prior year.
The building sits on about 7,570 square meters of land with roughly 69,826 square meters of gross floor area, and maintained around 99% occupancy, with Hana Financial Group affiliates leasing about 70% of the space alongside quality tenants such as 3M Korea and Intel Korea.
Koramco Trust, the asset manager, acquired the building in November 2020. The primary tenant, Hana Securities, held a long-term lease extended through 2030, which included a purchase option.
Hana Securities notified the REIT of its intent to exercise that option at the end of last year, triggering a public bidding process. Following the bidding, the company transferred the land and building to NH Investment & Securities on June 9.
As a result, the company holds no real estate asset for the first time since its founding, and Koramco Trust plans to convene a shareholders' meeting in the near term to decide between reinvesting in a promising new asset or proceeding with dissolution.
| Quarter | Revenue | Operating profit | Op. margin |
|---|
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩6.9B | ₩4.5B | ₩2.6B | 65.7% | 1.3% | 150.8% |
| 2023 | ₩7.1B | ₩4.8B | ₩2.8B | 66.9% | 1.4% | 153.5% |
| 2024 | ₩7.4B | ₩5.1B | ₩3.3B | 69.3% | 1.6% | 155.5% |
| 2025 | ₩7.6B | ₩5.1B | ₩2.9B | 67.4% | 1.5% | 156.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue rose for four consecutive years, from KRW 6.89 billion in 2022 to KRW 7.14 billion in 2023, KRW 7.42 billion in 2024, and KRW 7.57 billion in 2025, reflecting scheduled step-up rent increases on the single leased asset, the Hana Securities Building.
Operating profit grew from KRW 4.53 billion in 2022 to KRW 4.78 billion in 2023 and KRW 5.14 billion in 2024 before easing slightly to KRW 5.10 billion in 2025, with operating margin climbing from 65.7% in 2022 to a peak of 69.3% in 2024 before slipping to 67.4% in 2025.
Net income attributable to owners improved from KRW 2.60 billion in 2022 to KRW 2.84 billion in 2023 and KRW 3.30 billion in 2024, then declined to KRW 2.95 billion in 2025, likely reflecting non-operating factors despite continued rental income growth.
Total equity edged down gradually from around KRW 206.2 billion in 2022 to about KRW 197.4 billion in 2025, suggesting the company consistently returned cash to shareholders through quarterly dividends in excess of net income.
Total liabilities stayed roughly flat in the KRW 309-311 billion range, while the debt ratio rose modestly from 150.8% in 2022 to 156.8% in 2025. Operating cash flow increased from KRW 1.44 billion in 2022 to KRW 3.60 billion in 2025, indicating improving cash generation from the lease business.
However, all of these results reflect the period during which the company held the Hana Securities Building, and results following the June 2026 asset sale have not yet been confirmed in an annual filing.
As of the end of April, Korea had 461 REITs in operation, of which 25 were listed with a combined market capitalization approaching KRW 10 trillion. Despite this expanding scale, some observers noted that investor sentiment appeared to lag behind the sector's outward growth.
In the office segment, SK REIT, Samsung FN REIT, Hanwha REIT, KB Star REIT, and Shinhan Global Active REIT compete with staggered settlement and dividend dates that let investors capture cross-cycle income.
Koramco The One REIT differentiated itself with a quarterly dividend structure, but its single-building asset base gave it a fundamentally different risk profile from diversified office REIT portfolios.
More recently, the designation of Yeouido as a financial special zone and infrastructure improvements such as the Sinansan Line and GTX-B have highlighted the scarcity of large, developable office assets, a dynamic seen as favorable to the pricing of the Hana Securities Building sale.
Daishin Securities assessed that while high prime office prices in Seoul's key districts were favorable for the sale, they would raise the cost of acquiring a replacement asset in the same market.
On the tax side, Korea's early-2026 growth strategy included a plan to introduce lower separate taxation on listed REIT dividends, but existing REITs already receiving separate-taxation benefits, including this one, were excluded from that new measure.
In a filing dated the 22nd, Koramco The One REIT disclosed it is reviewing a dissolution process and plans to return the proceeds from the asset sale to shareholders.
The company completed the sale of the Hana Securities Building on the 9th of the prior month for a total of KRW 811.2 billion, or about KRW 38.4 million per pyeong, realizing a gain of KRW 318.0 billion over its 2020 acquisition cost of KRW 493.2 billion.
A separate report on the same transaction put the realized gain at roughly KRW 312.7 billion, indicating a modest difference depending on the calculation method.
Daishin Securities projected that, given expanding rate volatility and an upward rate trend limiting the ability to secure target returns, the company decided to return the sale proceeds to shareholders and dissolve, and that because directly distributing residual assets after dissolution could trigger a corporate tax burden, the proceeds would likely first be returned via a special dividend before completing dissolution through an extraordinary shareholders' meeting.
Still, the final outcome remains open, since the company could also choose to continue operating by acquiring a new income-generating asset with the proceeds instead of dissolving.
According to data compiled by Investing.com, the next earnings report is scheduled for November 18, 2026, around which additional disclosures may emerge.
The specific size and record date of any special dividend, along with the schedule for an extraordinary shareholders' meeting, had not been formally confirmed as of this report and warrant continued monitoring.
With the sale of the Hana Securities Building, Koramco The One REIT has lost the leased asset that previously anchored its valuation, entering a phase where the traditional rental-income-based valuation framework is harder to apply directly.
Before the sale, the share price frequently traded at a discount to appraisal-based net asset value, and that discount tended to narrow whenever expectations around the sale and dissolution intensified.
Going forward, the share price is likely to be driven less by lease income and more by the size and timing of any special dividend and the finalization of the dissolution process.
The company's previous character as a stable, regular quarterly-dividend payer is being temporarily overshadowed by this event, as its dividend profile shifts from routine distributions toward a one-off special payout.
During this structural transition, it is worth keeping in mind that dividend appeal or share price relative to asset value cannot be compared on the same basis as a typical operating office REIT.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
The company realized a gain of roughly KRW 310-320 billion over its acquisition cost and is reviewing a plan to distribute part of the proceeds as a special dividend.
The gain has reportedly been booked to retained earnings, sharply increasing total equity, suggesting the funding source for shareholder returns is already in place. The actual dividend amount and timing, however, still require board and shareholder approval.
Before the sale, the Hana Securities Building maintained roughly 99% occupancy through long-term leases with Hana Financial Group affiliates and quality global tenants.
Revenue and operating profit grew for four consecutive years with operating margin staying in the high-60% range, demonstrating operational stability as a lease-based REIT. This track record could serve as a reference point for the asset manager's capabilities should the company opt to acquire a new property.
According to Daishin Securities, the company plans to first return proceeds via a special dividend and then complete dissolution through an extraordinary shareholders' meeting, in order to avoid the corporate tax that could arise from directly distributing residual assets after dissolution.
This sequencing is interpreted as a structure that could increase the after-tax amount returned to shareholders. However, final confirmation of the procedure depends on a shareholders' resolution.
With the sale completed, Koramco The One REIT holds no real estate asset for the first time since its founding. If dissolution is confirmed without acquiring a new property, the REIT's existence as a listed vehicle would end, and investors would no longer receive regular lease-based dividends. This uncertainty may persist until the dissolution procedure and special dividend timing are finalized.
Daishin Securities noted that while high prime office prices in Seoul's key districts were favorable for the sale, they would raise the cost burden of acquiring a new property. It also pointed out that increased rate volatility and an upward rate trend could limit the ability to secure target returns. Against this backdrop, the company is seen as leaning toward dissolution rather than new investment.
The sale concluded with NH Investment & Securities, an outside bidder, winning rather than Hana Securities, the building's primary tenant that held the purchase option.
This shows that pricing terms were a decisive variable in the competition between the option holder and outside bidders, suggesting that in similar future sales, the option holder's final acquisition is not guaranteed in advance.
While such competitive bidding structures can push up the sale price, they also introduce uncertainty until the deal is closed.
The company currently holds no real estate, and if dissolution is finalized, its business as a listed REIT will end. Even if a new asset is acquired, a gap period without any asset—and without lease-based cash flow—could occur until the acquisition is completed. The length of this gap depends on the board and shareholder meeting schedule.
Tax treatment of the special dividend and dissolution—including whether corporate tax and dividend income tax apply—affects the actual amount shareholders receive.
Directly distributing residual assets after dissolution could trigger a corporate-level tax burden, which is why the company is reviewing a special-dividend-first approach. Still, the actual procedure and tax burden could change depending on tax law interpretation or tax authority rulings.
The sale dynamics were reportedly influenced by shifts in the property strategy of Hana Securities' parent group, the building's primary tenant. Going forward, strategic changes by major shareholders or key tenant groups could similarly affect asset sale or reinvestment decisions. Such factors represent external variables that are difficult for the company to fully control in advance.
This is the next earnings release date tracked by Investing.com, and it may also reveal post-sale financial results along with progress on the dissolution review.
Details of the special dividend size and record date, along with the notice for an extraordinary shareholders' meeting on dissolution, are expected to be disclosed and should be monitored.
A disclosure finalizing the choice between continuing operations via a new asset acquisition and dissolving after a special dividend may be issued and should be watched.
Follow-up and amended DART filings after the July 22, 2026 dissolution review disclosure should be tracked to monitor procedural progress.
In June 2026, Koramco The One REIT sold its sole asset, the Hana Securities Building in Yeouido, leaving the company without any real estate for the first time since its founding.
The sale generated a gain of roughly KRW 310-320 billion over its acquisition cost, and in a July 2026 disclosure the company said it is primarily reviewing a plan to return those proceeds via a special dividend and then dissolve through an extraordinary shareholders' meeting.
Confirmed 2022-2025 financials show that, prior to the sale, this was a stable lease-based REIT with steadily rising revenue and operating profit and an operating margin in the high-60% range.
However, continuing operations by acquiring a new asset remains under consideration, so it has not yet been determined whether the company will ultimately dissolve or continue as a going concern.
The specific size and timing of any special dividend, along with the schedule for the extraordinary shareholders' meeting, are matters that require confirmation through future disclosures.
Investors should understand this company not as a typical rental-income office REIT, but as one in an event-driven phase where the disposition of its asset-sale gain has not yet been finalized.
Report written 2026-09-05 · Data as of 2026-09-04
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