Korea Investment to acquire W500b Frankfurt landmark building
By 황유미Published : Oct. 18, 2016 - 14:43
[THE INVESTOR] Korea Investment Securities have joined hands with South Korean institutional investors to take over International Business Campus building in Frankfurt, Germany, according to Maeil Business Newspaper on Oct. 18.
It is currently in talks with local investment and asset management company German Estate Group for acquisition of the 500 billion won (US$441.62 million) office complex. About 200 billion will be funded by investors and the rest will be financed by loans from local financial institutions.
Built in 2003, IBC property has three buildings with 84,200 square meter gross area, and a number of FIs including Deutsche Bank have a 10-year lease contract.
It is currently in talks with local investment and asset management company German Estate Group for acquisition of the 500 billion won (US$441.62 million) office complex. About 200 billion will be funded by investors and the rest will be financed by loans from local financial institutions.
Built in 2003, IBC property has three buildings with 84,200 square meter gross area, and a number of FIs including Deutsche Bank have a 10-year lease contract.
“After the Brexit decision, real estate investment is fast shifting to major German cities from London,” said an industry source adding that “Frankfurt is a favored market for global investors with its higher-than-average growth rate and low unemployment rate.”
By Hwang You-mee (glamazon@heraldcorp.com)
