Seoul-based real estate investment firm Mastern Investment Management said on Thursday that its subsidiary in the United States, Mastern America, began operation earlier this week.

The launch will help Mastern, which was overseeing 21.7 trillion won ($19.1 billion) worth of assets as of March, to streamline its onsite due diligence for its outbound investment into the US market, enhance its capability for deal-sourcing and portfolio property management in the US and foster partnerships with US peers, officials said.

The US entity will also closely cooperate with its South Korean headquarters in terms of fund creation and real estate development, among others, they added.

Property investment veteran Joseph Oh will lead the US operation, Mastern added. Oh formerly served as managing director of local peer Meritz Alternative Investment Management.

The news comes as the race for Korean investors into the US commercial properties intensifies. According to preliminary data from Real Capital Analytics, Korean acquisitions of US commercial real estate grew 88 percent in 2020 to $5.2 billion. Mastern America is located in New York City.

By Son Ji-hyoung (consnow@heraldcorp.com)