SK REIT eyes stock market debut in Sept.

The real estate investment trust (REIT) unit of SK Group, South Korea's No. 3 conglomerate, said Wednesday it will carry out an initial public offering in September.

SK REIT said it will sell 46.5 million shares to investors in the planned IPO, whose specific date has yet to be unveiled.

Its public offering price has been set at 5,000 won ($4.26) per share, with the company seeking to raise about 233 billion won through the IPO.

After a demand forecast session for institutions on Aug. 23-24, SK REIT will receive subscriptions from retail investors on Aug. 30-Sept. 1.

SK REIT said Samsung Securities Co. and Korea Investment & Securities Co. will jointly manage the stock sale.

REITs, which can be traded on major exchanges, invest in office buildings, apartments and hotels, and provide investors with dividends.

In July, SK REIT completed the purchase of SK Group's headquarters in central Seoul and bought a 100 percent stake in Clean Energy REIT, which had purchased SK Energy Co.'s gas stations.

SK REIT said it will be able to provide shareholders with a stable dividend of 5.45 percent per year through its management of those properties, adding it will pay out a quarterly dividend for the first time among local REITs. (Yonhap)