SK Ritz

About SK Ritz

SK REIT Co., Ltd. is a publicly traded real estate investment trust (REIT) sponsored by South Korea's SK Group. Established on March 15, 2021, the company was listed on the Korea Stock Exchange on September 14, 2021, following an initial public offering that raised approximately KRW 233 billion. The IPO was notable for achieving the highest oversubscription ratio (552:1) among REITs at the time, with subscription deposits reaching KRW 19.3 trillion.

SK REIT's business model centers on acquiring, managing, and leasing a portfolio of high-value commercial properties, primarily occupied by SK Group affiliates under long-term master lease agreements. This structure provides a stable rental income stream, which is then distributed to shareholders through dividends. The company was the first listed REIT in Korea to implement a quarterly dividend policy. Revenue is generated from rental income, with tenants often responsible for property expenses like taxes, insurance, and maintenance under triple net lease agreements.

The asset portfolio is substantial, valued at KRW 4.4 trillion, making it the largest REIT in Korea by Assets Under Management (AUM). Key holdings include the SK Seorin Building (SK Group's headquarters), SK U-Tower (SK Hynix's headquarters), Jongno Tower, and SK-C Tower. Additionally, the portfolio contains over 100 SK Energy gas stations and several water treatment centers at SK Hynix's Icheon campus. The company has received an AA- credit rating, the highest for a listed REIT in Korea, underscoring its financial stability. SK REIT is managed by SK REITs Management Co., Ltd., a wholly owned subsidiary of SK Inc. established in March 2021.