Extraordinary General Meeting Called for Amendment of Articles (Diversification of Borrowing Sources) and Asset Custody Contracts for New Acquisition – Enhancing Operational Efficiency
IGIS RESIDENCE REIT Co., Ltd. convenes an extraordinary general meeting on June 15, 2026, to vote on amendments to its articles (diversification of borrowing sources under Article 46, legal updates under Article 26, etc.) and changes/new execution of asset custody contracts
Amendment to Article 46 allows the company to borrow from entities outside the prescribed list in the Enforcement Decree of the Real Estate Investment Company Act solely by board resolution, enhancing timeliness and diversity of funding
Planned execution of a real estate asset custody contract with Suhyup Bank (annual fee of KRW 10 million, VAT excl.) for the acquisition of the new property 'Mangrove Jeju City' – subject to automatic void if the purchase agreement fails
Existing cash/securities custody contract with NH Investment & Securities remains; scope changed from real estate, securities, and cash to only securities and cash (real estate transferred to new contract)
Total portfolio valuation is approximately KRW 240.2 billion, comprising investments in IGIS 151 ('The Sharp Bupyeong Central City', KRW 82.5B), IGIS Global Residence (KRW 112.3B, including overseas assets), etc.
Overseas assets (Spring Creek Towers, Illini Tower) are valued at approximately USD 2,652 million, providing stable rental income base
These agenda items are preparatory measures to secure new investments and funding flexibility, with no direct dilution or capital change to existing shareholders
[AI Comprehensive Analysis]This disclosure is routine for a REIT's operational efficiency improvements and new acquisition procedures, with a neutral short-term impact on stock price. However, the expanded borrowing capacity from the articles amendment may lead to higher leverage in the future, warranting caution.
KOSPI Filing Information
Filing: Notice of Convocation of Shareholders' Meeting