Korea Investment & Securities announced on Dec. 21 that it has sealed a deal with BNP Paribas Real Estate to acquire French pharmaceutical giant Norvatis’ Paris headquarters building for 480 billion won (US$402.28 million).
The office building named Novartis Campus is eight stories aboveground and four underground with a 42,200 square meter gross area and will be completed in 2018. Norvatis will occupy the property for 10 years.
The securities firm will deliver 230 billion won on its own and fund the rest with a loan in France. It will resell its stake to institutional investors in South Korea in the form of private equity funds.
“We will continue to develop alternative investment opportunities at home and abroad and offer them to local institutional investors, while diversifying our profit sources,” said Ryu Sang-ho, president and CEO of the company.
By Hwang You-mee (firstname.lastname@example.org)