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THE INVESTOR
January 16, 2018

Deals

Samsung, Hana, HMC to acquire German gov’t building

  • PUBLISHED :September 15, 2017 - 16:09
  • UPDATED :September 15, 2017 - 16:10
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[THE INVESTOR] Three Korean brokerages -- Samsung Securities, Hana Financial Investment and HMC Investment Securities -- are acquiring a German local government building for 330 billion won (US$291 million), according to local media reports on Sept. 15.

Led by Korean asset manager Capstone Asset Management that specializes in real estate, the three financial firms were granted a mandate to invest in the building in Germany’s western North Rhine-Westphalia state.

Established in 1945, the 15-storey building is located in the heart of the financial district of Dusseldorf, the capital city of NRW. The German Ministry of Interior will use the building until 2035.

The three Korean firms are aiming to collectively raise 150 billion won, while borrowing the rest from German financial institutions. 
The deal is expected to be completed in October, according to the report. Later on at an unspecified time, the buyers plan to resell their stakes to Korean institutional investors with an anticipated return of 7 percent.

Europe has become a popular destination for Korean financial companies as they seek alternative investments. In March, Mirae Asset Daewoo acquired the Vodafone office complex in Dusseldorf, while Meritz Securities and Capstone Asset Management bought a new office building of online retailer Zalando in Berlin for 240 billion won in April.

In July, Samsung Securities and Hyundai Investment acquired a building in Brussels for 500 billion won.

By Park Ga-young (gypark@heraldcorp.com)
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