A consortium led by South Korea's leading asset manager, Mirae Asset Daewoo Co., has been named the preferred bidder for a landmark building in Paris, the company said Sunday.
If about 1 trillion won ($960 million) deal is finalized, Mirae Asset Daewoo will jointly invest 400 billion won together with Amundi Immobilier, a wholly-owned unit of French asset manager Amundi, and a local institutional investor, Mirae Asset said in a statement.
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(Yonhap) |
For the remaining 637 billion won, the consortium will take out loans from local financial institutions with the building, Tour Majunga in the La Defense District outside Paris, as collateral, it said.
"The overall gains from overseas real estate investments are slowing down but we expect rental fees of around 7 percent a year from tenants in Tour Majunga," a Mirae Asset Daewoo official said in the statement.
Currently, the headquarters of global accounting and consulting firm Deloitte and AXA Investment Managers, an asset managing unit of France's AXA Group, use the building under long-term contracts, it said.
Mirae Asset currently has capital of 8.3 trillion won and aims to further diversify its investment portfolios for higher returns.
Investing in properties has been a key tool for gains. (Yonhap)
