[Edaily Marketin KIM SUNG-SOO Reporter] Aegis Asset Management has finalized the sale of the Homeplus Yeongdeungpo branch. This transaction has given the green light for the repayment of a 580 billion won secured loan set to mature on the 5th of next month.

The buyer, a consortium led by KB Securities, has also completed the procurement of a 370 billion won bridge loan, putting the development project in the immediate vicinity of Mullae Station on a full-scale track. Approximately 550 residential units are scheduled to be built in the area in the future.

Aegis: “Green Light” for Repayment of 580 Billion Won Loan

According to the investment banking (IB) industry on the 31st

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Aegis Asset Management recently completed the sale (deal closing) of the Homeplus Yeongdeungpo branch. The buyer was a KB Securities consortium, with the transaction price in the mid-300 billion won range and the price per 3.3 square meters (pyeong) in the mid-17 million won range.

The Homeplus Yeongdeungpo branch is a prime property located at 42 Dangsan-ro, Yeongdeungpo-gu, Seoul (55-3, Mullae-dong 3-ga). With its location directly adjacent to Mullae Station on Subway Line 2, the site has long been regarded as having high development potential.

In the future, the site is slated to feature six buildings ranging from three basement levels to 20 stories above ground, comprising 552 residential units along with office space, neighborhood amenities, and retail facilities. A construction contractor has not yet been selected, and the goal is to begin construction and start pre-sales in June 2028. KB Securities plans to proceed with the necessary approval procedures, including amendments to the district-level master plan.

This transaction holds significance beyond a simple asset sale. This is because a 580 billion won loan secured by Aegis Asset Management using four Homeplus stores—the Yeongdeungpo, Geumcheon, Dongsuwon, and Busan Centum City branches—as collateral is set to mature on the 5th of next month.

These assets are included in the “Aegis KORIF Private Real Estate Investment Trust No. 13,” managed by Aegis Asset Management. The fund has operated under a structure where it purchases the stores, leases them back to Homeplus, and distributes dividends to investors using the rental income as a source of funds.

With about a month remaining until the loan’s maturity, concerns over loan repayment had risen after Homeplus’s rehabilitation proceedings were terminated. However, Homeplus subsequently avoided bankruptcy by securing an extension of its rehabilitation proceedings, and with the recent completion of the sale of the Yeongdeungpo store, those concerns have been largely alleviated.

In accordance with the loan agreement, Aegis Asset Management plans to use the balance of the sale proceeds—after deducting various incidental costs—to partially repay the secured loan. Consequently, the burden of extending the loan maturity is expected to be significantly alleviated.

Development of 552-Unit Complex in Prime Location Near Mullae Station Underway

The entity developing the Homeplus Yeongdeungpo branch site is “Mullae Station PFV,” a project finance vehicle (PFV).

KB Securities, which acquired the Homeplus Yeongdeungpo branch, established the company by attracting investors such as KT Estate and FL Asset Management. Under this structure, the three companies invested equity capital in Munrae Station PFV in proportion to their respective equity stakes.

To secure funds for the purchase of the development site and other expenses, Mullae Station PFV signed a bridge loan agreement worth 370 billion won with a syndicate of lenders on the 30th. The loan consists of △Tranche A (290 billion won), △Tranche B (70 billion won), and △Tranche C (10 billion won), with a maturity date of January 31, 2028. Although it is a bullet loan, early repayment is possible on each interest payment date.

Using this bridge loan as the underlying asset, special purpose companies (SPCs)—including Munrae Kebi No. 1, Munrae Kebi No. 2, and Munrae Kebi No. 3—are raising funds by issuing asset-backed short-term bonds (ABSTBs). KB Securities served as the lead manager for this securitization transaction and as the asset manager for the project finance vehicle (PFV).

In addition, to mitigate liquidity risks that may arise during the refinancing of the securitized securities, KB Securities provided a commitment to underwrite private placement bonds. Under this structure, if the existing securitized securities are not refinanced as scheduled, KB Securities will directly underwrite the private placement bonds issued by the SPCs to secure repayment funds. KB Securities also plans to lead the financing for the main project finance (PF) in the future.

An industry insider stated, “The Yeongdeungpo store is one of the most strategically located and competitive sites among Homeplus’s assets,” adding, “With both the sale and the development financing now finalized, Homeplus’s store development projects are expected to gain further momentum.”