] Hana Financial Group and KTB Asset Management have joined hands to acquire a Japanese shopping mall for 50 billion won (US$44 million), according to news reports on Sept. 21.
KTB paid 23 billion won in equity investment for the AEON Town Shopping Center in Hofu, Yamaguchi prefecture, Japan, and plans to make the remaining payment by borrowing from local financial institutions in Japan.
Hana Financial Investment and Hana Life Insurance are offering 15 billion won and 8 billion won, respectively, while a related real estate fund has been sold to individual investors through its bank.
The minimum investment amount is as high as 300 million won and the annual return is 8 percent for five years. The fund has been reportedly sold out.
The AEON Group completed the Hofu AEON Town in 2008 with a total floor space of 40,000 square meters. The shopping center is occupied by group affiliate marts, convenience stores, fitness center, language school and restaurants. The shopping center has ranked in the top five in sales amongst the 140 AEON Town Shopping centers across Japan.
By Alex Lee (firstname.lastname@example.org