[THE INVESTOR] Mirae Asset Global Investments is set to launch a 200 billion won (US$179 million) fund investing in office buildings in the US in September.
The fund will be open to retail investors and backed by four State Farm office buildings in Dallas, Texas, which the asset manager plans to acquire next month.
State Farm office buildings in Dallas, Texas
According to sources, Mirae Asset Global Investments recently signed a memorandum of understanding with Dallas-based KDC to buy the 211,200 square meter complex. The deal could be worth 950 billion won.
The Korean asset manager plans to wrap up due diligence in August to sign the contract early next month.
For the acquisition cost, Mirae Asset Global Investments plans to borrow 550 billion won from US institutions and another 400 billion won through stake in the property. Of the 400 billion won, half will be packaged into the fund.
Mirae Asset expects the property investment to deliver a return of 4-5 percent per year.
By Park Han-na (
hnpark@heraldcorp.com)
