[Edaily Marketin KIM SUNG-SOO Reporter] As Homeplus’s corporate rehabilitation proceedings have effectively come to an end, raising the likelihood of bankruptcy, loans totaling approximately 580 billion won linked to four Homeplus stores are set to mature next month. The lending syndicate is currently reviewing whether to extend the maturity date.

The real estate finance market is on edge, as a court-ordered bankruptcy declaration for Homeplus could affect the schedule for asset disposal and the recovery of investment funds. However, plans to attract new tenants or pursue changes in property use following Homeplus’s eviction are also being discussed.

Lenders Considering Maturity Extension… Sale of Yeongdeungpo Store Underway

According to the financial investment industry on the 6th

,

a 580 billion won loan linked to Homeplus’s

Yeongdeungpo

, Geumcheon, Dongsuwon, and Busan Centum City stores is set to mature on the 5th of next month. It is reported that the lending syndicate is currently reviewing whether to extend the maturity of this loan.

These four stores are currently included in the “Aegis KORIF Private Real Estate Investment Trust No. 13,” managed by Aegis Asset Management. The fund’s structure involves purchasing the stores, leasing them back to Homeplus, and using the rental income to pay dividends to investors.

While the fund’s structure remains unchanged, the actual investors have changed. In 2022, investment consulting firm Jimei Korea acquired these stores for approximately 940 billion won, resulting in a change in the majority of the beneficiaries.

The market is paying close attention to the court’s recent decision to terminate Homeplus’s reorganization proceedings. This is because the termination of the reorganization process has increased the likelihood of the company entering bankruptcy proceedings.

If the court declares bankruptcy, liquidation proceedings will begin to distribute assets to creditors. Since this process could affect store lease agreements and asset disposal schedules, attention is also focused on fund management and loan refinancing.

In particular, with less than a month remaining until the loan matures, the financial sector is closely monitoring future legal proceedings and refinancing plans. Among the assets included in the fund, the Yeongdeungpo store is currently in the process of being sold, and the deal is expected to close shortly.

'Attracting New Tenants After Vacation and Changing Real Estate Zoning' Mentioned

KB Kookmin Bank, the fund’s trustee, is responsible for the custody and management of the store. Kookmin Bank manages and leases the investment trust’s assets in accordance with investment instructions from Aegis Asset Management.

Previously, KB Kookmin Bank raised a total of 580 billion won from a syndicate of lenders pursuant to a loan agreement signed in August 2022. The collateral assets are the Homeplus Yeongdeungpo, Geumcheon, Dongsuwon, and Centum City stores.

The loan amounts by tranche are △Tranche A-1: 364 billion won and △Tranche A-2: 216 billion won, with identical security interests and repayment priorities. The loan was disbursed on August 5, 2022. Although it was originally due to mature last August, the lending syndicate decided to extend it by one year, pushing the maturity date to the 5th of next month.

The loan is structured for lump-sum repayment at maturity, and early repayment is also permitted. The interest rate is a floating rate linked to the yield on 91-day negotiable certificates of deposit (CDs), with interest paid in advance every three months.

A total of 12 financial institutions participated in this loan. Structurally, if even one institution refuses to agree to an extension, the loan is subject to a loss of the benefit of the term (EOD); consequently, reaching an agreement among the lending syndicate was not easy during last year’s loan extension process either.

Industry observers believe that whether the sale of the Yeongdeungpo branch is finalized and the pace of Homeplus’s bankruptcy proceedings will have a significant impact on the future value of the fund and the loan repayment schedule.

An official in the financial investment industry stated, “Even if Homeplus goes bankrupt, there is a possibility that Aegis Asset Management could attract new tenants through eviction or pursue a change in real estate use for the stores (excluding the Yeongdeungpo branch),” adding, “The termination of Homeplus’s rehabilitation proceedings may not necessarily be a negative factor for the fund.”