KORAMCO REITs Management and Trust

Real Estate Funds

Fund Overview

Definition of Real Estate Fund (Collective Investment Scheme)

Invests more than 50% of fund assets in “real estate, real estate rights, or real estate-related assets,” distributing resultant income to investors.

Investment Targets

Real Estate

Acquisition and disposition
Development
Operations and capex enhancement
Leasing

Real estate rights

Surface/servitude/jeonse/lease/assignment rights, etc.
Real-estate-secured receivables held by financial institutions
Monetary claims

Real-estate-related assets

Securities (fund units/ABS) with ≥50% exposure to the above
REIT equities
PFV shares
SPC equity interests
Real-estate-linked derivatives
Loans to development entities, etc.

Fund Operating Flow

Fund Types

Buy-and-Lease Income Funds: A Buy & Lease Real Estate Fund primarily acquires and leases office or commercial properties to generate stable rental income while pursuing capital gains through long-term appreciation in asset value.
Auction/Distressed Value Funds: A Value Real Estate Fund acquires office or commercial properties at discounted prices through court auctions or public sales conducted by asset management institutions or financial institutions, and seeks returns through leasing or resale at enhanced market value.
Derivative-Linked Funds: A Derivative Real Estate Fund primarily invests in derivative instruments backed by real estate as the underlying asset.
Debt / Project Financing Funds: A Project Financing Real Estate Fund primarily provides loans to development entities (developers) and generates returns through interest income from these loans, focusing on debt-based investment structures in real estate development projects.
Development Funds: A Development Real Estate Fund directly undertakes real estate development projects by assuming the role of a developer, generating returns through sales or leasing profits from completed assets.
Rights-Based Funds: A Beneficial Interest Real Estate Fund invests in trust beneficiary rights, real estate-backed debt instruments, and securities issued by real estate collective investment schemes.
Securities-Focused Funds: A Securities Real Estate Fund invests in REIT shares, securities issued by Project Financing Vehicles (PFVs), and equity interests of Special Purpose Companies (SPCs) engaged in real estate investment.

Multi-Asset / Blind Funds

Multi-Asset Funds

What is a Multi-Asset Fund?: "Multi-asset funds operate without rigid constraints on target or weights, leveraging Koramco’s alternatives expertise and incorporating structured strategies.

Stable income from real-estate assets (funds, domestic/global REITs) is complemented by diversified allocations to structured strategies (mezzanine/PEF/structured notes), targeting superior risk-return vs. traditional balanced products."

Blind Funds

What is a Blind Fund?: "Unlike traditional funds that raise capital for predetermined assets, a Blind Fund is established without specifying investment targets in advance and deploys capital selectively once high-quality opportunities are identified.

By not predetermining investment targets, Blind Funds offer greater flexibility to respond proactively to evolving market conditions."

Investment Scope

Selective allocations across alternatives (real estate/infrastructure), absolute-return strategies, and traditional assets (equities/bonds).

Alternatives: Real estate, infrastructure, development projects
Traditional Assets: Pair trades, IPOs, block deals, listed REITs (domestic/global)
Strategic Assets: PEF, VC, mezzanine (CB/BW), structured products