Kiwoom-Managed Europe Office REIT Falls 26% on July 20 as Asset Value Drops 39%

According to Yonhapinfomax, the net asset value (NAV) of the Kiwoom Heroes Europe Office REIT fund fell approximately 26% on July 20 following a 39% downward revaluation of its core Amsterdam office property. The property, valued at 79 million euros in June 2026, represents a significant markdown from its initial acquisition price of 129.73 million euros.

The fund has been in default for over one year due to unpaid derivative settlement obligations totaling approximately 3.57 billion Korean won since February 2025. The latest asset depreciation has pushed the loan-to-value (LTV) ratio to approximately 90%, triggering additional covenant breach risks as the loan matures in September 2026.