Second Syndrome, operator of 'Mini Warehouse Darak', signs business agreement with Capstone Asset Management

Second Syndrome Co., Ltd. (CEO Hong Woo-tae), which operates self-storage ‘Mini Warehouse Darak’, announced that it has signed a memorandum of understanding (MOU) with Capstone Asset Management (CEO Kim Yun-gu) to promote joint business initiatives and revitalize investment in the self-storage sector.

This agreement is highly significant as it marks the first case of large-scale institutional investment beginning to flow into Korea’s self-storage industry, amid the National Pension Service’s expansion into the new-growth real estate sector.

Capstone Asset Management was selected in March as the entrusted manager for the National Pension Service’s 'Core Platform Fund.' The Core Platform Fund is a strategic capital pool of the National Pension Service that invests in core assets over the medium to long term, and the selected managers will each manage a real estate fund worth 500 billion won.

In particular, the Core Platform Fund has an investment guideline requiring more than 30% of its capital to be invested in new economy sectors such as data centers and urban logistics, including self-storage.

Capstone Asset Management, the manager of the National Pension Service’s Core Platform Fund, plans to gradually invest up to 50 billion won in Korea’s self-storage market through its business agreement with Second Syndrome, the operator of Mini Warehouse Darak, the largest self-storage brand in Korea. Second Syndrome will also operate the self-storage real estate invested in by Capstone Asset Management.

Based on this agreement, the two companies plan to establish a multifaceted cooperation framework, including △building a self-storage-focused investment model △jointly identifying urban idle-space conversion projects △enhancing the asset value of new economy real estate.

Second Syndrome has secured more than 200 Mini Warehouse Darak locations nationwide, solidifying its No. 1 market share, and maintains stable risk management and high customer satisfaction through its 'Space Intelligence' operating system, which applies AI- and IoT-based unmanned automation technology.

Hong Woo-tae, CEO of Second Syndrome, said, “This agreement is an important turning point where the National Pension Service’s new economy strategy meets the operational capabilities of Korea’s leading self-storage provider,” adding, “Together with Capstone Asset Management, we will create a new growth engine and investment standard for Korea’s self-storage industry.”

Reporter Kim Jae-ryeon (chic@mt.co.kr)