About this video
Ellie builds the fund bottom-up from its holding companies, then carries the asset-level catch into the fund's distribution and flags the forward valuation impact.
Full description
Part 3 of the Seorim walkthrough, at the fund level (Seorim Korea Core Office Fund I). Ellie rebuilds Fund A bottom-up from its SPVs (NAV 1,488bn won, distribution 47.48bn, income return 3.19 percent), keeping the Coleman Street and Frankfurt holdings out as they belong to another fund. Then it applies the corrected Narae Tower NOI (37.44 vs 39.60bn): period distribution falls 47.48 to 45.32bn, income return 3.19 to 3.05 percent, and the forward valuation, if the re-based rent is carried at the next external valuation, is about 60bn won off the asset, roughly minus 4 percent of fund NAV, more if the cap rate moves. Closes on the fund dashboard. English narration.
Key points
- Fund built bottom-up from its holding companies, not a pre-made report
- Fund A NAV 1,488bn won, distribution 47.48bn, income return 3.19 percent, all cross-checked
- Corrected asset NOI carried up: distribution 47.48 to 45.32bn won
- Forward valuation sensitivity about minus 4 percent of NAV (60bn won), not yet booked
- On its own the fund statement looked fine; Ellie connects it to the single lease
Video details
- Roles
- Asset Manager, Portfolio Manager, Investor / LP
- Processes
- Asset Management, Risk & Compliance
- Geographies
- APAC
- Markets
- South Korea
- Tags
- seorim, walkthrough, fund-level