April 19, 2024

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Hana Alternative Asset Management has reportedly acquired bonds worth a 60 billion won (US$53.60 million) to finance the EchelonSeaport construction project in the US to become the first Korean entity to invest in an offshore upscale real estate development project.

With a projected yield of over 9 percent each year, the bonds will mature in 2 1/2 years, according to reports.

Hana AAM could not be immediately reached for comments. 

Courtesy of EchelonSeaport

The three-tower, 717-unit luxury real estate development project in Boston waterfront, valued at US$950 million, is designed to offer luxurious residences through apartments and condos, as well as amenities such as 125,000 square feet of retail space, a pool and courtyard. Its first building was constructed in September 2018. Undergoing pre-construction sales phase, buildings for the project are scheduled to be completed by 2020.

Hana AAM has operated property assets worth 6.75 trillion won under management through some 145 funds. Over three of five investments were in overseas commercial buildings, including headquarters of eBay, Yelp, DreamWork Animation and National Aeronautics and Space Administration, as well as 20 Times Square in New York and EU Square de Meeus in Brussels.

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