DS Dankuk Decides to Transfer Seocho-gu Land for KRW 116 Billion Through Assigning Buyer Status to Affiliate Fund

DS Dankuk decided to dispose of three land parcels in Banpo-dong, Seocho-gu, Seoul (total site area 2,582.3㎡) for KRW 116 billion, representing 15.28% of total assets (KRW 759.1 billion).
The land was acquired via public auction on Feb 24, 2026. This transaction involves transferring the buyer's status to an affiliate, Heungkuk Life Insurance (Blackboard RE No.2 Private Real Estate Investment Trust).
DS Dankuk will receive the previously paid deposit of KRW 11.6 billion (10%) in cash on June 2, 2026, while the remainder of KRW 104.4 billion (90%) will be paid directly by the counterparty to the auction.
Purpose: Efficient development of a real estate fund for building a new office and reduction of financial risk. An external evaluation by Taerim Accounting Corporation deemed the price appropriate.
The board resolution was passed with all three outside directors attending; no special shareholder meeting required.
[AI Comprehensive Analysis]This is essentially the transfer of auction bidder status to an affiliate, allowing DS Dankuk to recover funds without undertaking development. The short-term cash inflow is positive, but disposing of 15% of total assets may alter future investment plans. As a related-party transaction, fairness was confirmed, but shareholder value enhancement is limited.