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ARA Asset to acquire South Korean real estate company
MREK manages 2 Reits with assets worth 588b won
Add BT as a preferred sourcePublished Mon, Dec 23, 2013 · 10:00 PM
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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-Reit.
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