South Korea’s Public Officials Benefit Association (POBA) has hired local alternatives manager KORAMCO Asset Management for a 300 billion won (US$269 million) domestic real estate mandate.
It comes just weeks after the pension fund appointed London-based AEW UK REIT plc in December for a $100 million listed real estate mandate.
The pension fund opened the tender for the domestic property mandate in November.
KORAMCO will invest the money in a blind pool fund to acquire office buildings in Seoul and the neighbouring Bundang business district in Gyeonggi province, the asset management firm says in a statement on February 2.
It says around 60% of the fund will be allocated for large office buildings, and 40% for mid-sized offices and value-added investment strategies.
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The seventh annual Institutional Excellence Awards encompassed one of the most challenging periods for investment in living memory.
Standout asset owners during this period have had to be nimble and responsive as conditions sharply deteriorated in late February and March, only to offer investment opportunities in fits and starts from April even as the global economic environment continued to struggle and a US presidential election reached its crescendo.