Bid notice issued Wednesday; deadline set for Nov. 19

Stations span Greater Seoul, Chungcheong and Yeongnam regions

A Hyundai Oilbank gas station held by Koramco Life Infra Reit [Cushman & Wakefield Korea]
A Hyundai Oilbank gas station held by Koramco Life Infra Reit [Cushman & Wakefield Korea]

Cushman & Wakefield Korea announced Wednesday that it has been selected as the sale advisor for 19 gas station assets held by Koramco Life Infra Reit, managed by Koramco Asset Trust.

The sale covers gas stations located across major regions nationwide, including Incheon and Gyeonggi Province in the Greater Seoul area, as well as Daejeon, North Chungcheong Province, Daegu, North Gyeongsang Province and South Gyeongsang Province. The bid notice was issued Wednesday, with a submission deadline of Nov. 19.

The divestiture is part of Koramco Life Infra Reit's broader effort to restructure its portfolio and invest in new growth assets. The properties for sale range from stations near industrial complexes and major arterial roads to those adjacent to residential and commercial districts. Interest is expected not only from operators seeking to run the stations but also from developers and investors exploring site redevelopment or change-of-use opportunities.

Gas station assets have recently drawn attention beyond their traditional role as operational real estate supplying vehicle fuel, gaining traction as development-oriented properties. Stations in urban centers and along major roads can be evaluated for a range of possibilities — site development, change of use and mixed-use redevelopment — depending on surrounding commercial activity, catchment demand and transport accessibility.

However, buying or selling gas stations involves transaction considerations unique to the asset class that differ from ordinary commercial real estate deals, including soil environment investigations, lease and vacancy arrangements, permits and licenses, demolition of existing facilities, and road occupancy issues.

"The gas stations up for sale are distributed across key regions from the Greater Seoul area to the Chungcheong and Yeongnam regions, and each asset is characterized by a distinct location, operating structure and potential use," a Cushman & Wakefield Korea corporate solutions team official said. "We will cast a wide net for potential buyers — from those seeking to operate the stations to those exploring development possibilities on the sites — and pursue sale marketing tailored to the characteristics of each asset."

Cushman & Wakefield operates more than 350 offices worldwide and employs approximately 53,000 professionals.


lucky@heraldcorp.com