] Hyundai Investments Asset Management, a subsidiary of Hyundai Marine & Fire Insurance
, is seeking to purchase the 280 Park Avenue buildings in New York for 200 billion won, Maeil Business News reported on Aug. 21.
The firm plans to set up a real estate private equity fund along with three to four major domestic institutional investors to purchase the property consisting of two buildings in Manhattan. The deal is expected to be finalized by end-September.
|280 Park Avenue in Midtown Manhattan.|
The report said the investment will be made by purchasing mezzanine loans held by Deutsche Bank. The investment period will be up to seven years and the annual expected return is about 5 percent.
The buildings, completed in 1961, are a well-known prime-grade property. The total floor space is about 110,000 square meters with a building with 43 floors and another with 29 floors.
The report said Korean institutional investors are showing considerable interest as there haven’t been any real estate investments in the New York area recently.
By Alex Lee (email@example.com