MREK manages two privately held Korean Real Estate Investment Trusts (K-REITs) with combined Assets under Management (AUM) of KRW 588.4 billion ($701 million).
As part of the transaction, ARA will also acquire a 10.02% equity interest in one of the K-REITs, co-investing alongside one of Korea’s largest pension funds, of whom is also the sole investor in the second K-REIT.
ARA Group CEO John Lim said: “As we expand our geographical footprint, the acquisition of this platform adds to ARA’s current REITs platform and bolsters ARA’s REIT management presence in the Asia Pacific region. In addition to Singapore, Hong Kong, Malaysia and China, this acquisition has allowed ARA to gain a foothold in South Korea, enabling the Group to capitalize on the tremendous real estate opportunities in Asia’s fourth
largest economy by GDP.”
ARA’s assets under management as at 30 September 2013 was $23.4 billion, achieved on the back of the continued growth of ARA’s private funds and REITs platforms.
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