ARA Asset to acquire South Korean real estate company

ARA Asset Management will be acquiring South Korea's real estate company Macquarie Real Estate Korea (MREK) for an undisclosed sum.

MREK, based in Seoul, is a manager of two privately held Korean real estate investment trusts (K-Reits) with combined assets worth 588.4 billion won (S$702 million).

As part of the conditional sale and purchase agreement, ARA will acquire a 10.02 per cent equity interest in one of the K-Reits, co-investing alongside one of Korea's largest pension funds, which is also the sole investor in the second K-R…