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THE INVESTOR
May 25, 2019
Big Reunion

Office Consulting

Mirae Asset to buy Majunga Tower in Paris for W1tr

  • PUBLISHED :March 04, 2019 - 13:36
  • UPDATED :March 04, 2019 - 15:18
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A consortium led by Korea‘s investment bank Mirae Asset Daewoo has been named as the preferred bidder to buy Majunga Tower, an office building located in Paris roughly valued at 1 trillion won (US$888.97 million), the company said on March 3.

Majunga Tower in Paris
Courtesy of Mirae Asset Daewoo

Related:
[INTERVIEW] Forex hedging, diversification behind Korean investments in EU realty market

Excluding leverages with Majunga Tower as collateral, some 400 billion won cash will be sourced from a consortium comprising Mirae Asset Daewoo, Amundi Immobilier and other local institutional investors, the company said.

Mirae Asset expects over 7 percent returns each year from leasing. Tenants include AXA Investment Managers, a subsidiary of the Paris-based insurance giant, as well as consulting firm Deloitte.

Built in 2014, the 194-meter-height landmark with 65,000-square-meter floor area is the fourth-highest building in France.

By Son Ji-hyoung (consnow@heraldcorp.com)

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