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Korean institutional investors buy EU parliament building at $217 mn

Collected: 2017.04.11

Distributed: 2017.04.12

Source: Go Direct

South Korean institutional investors succeeded in buying the European Parliament building located in Brussels, Belgium, at about 250 billion won ($217 million).

Hana Asset Management Co. said on Monday that it in consortium with Hanwha Investment & Securities Co. and Kiwoom Securities Co. completed the purchase of Square de Meeus 8, an 11-story office building used by the European Parliament. Of the total price of 250 billion won, Hanwha Investment & Securities and Kiwoom Securities invested 60 billion won and 46 billion won, respectively, in the real estate fund that Hana Asset Management set up to acquire the building, and the remaining was raised by loans from local financial institutions.

It was the first investment in overseas properties in two years for Hanwha Investment & Securities, the biggest stakeholder in Square de Meeus 8. An official from the company said the European Parliament building under a long-term lease by the European Union (EU) is an attractive investment and the company plans to resell the beneficiary certificates it purchased to the nation’s other institutional investors seeking opportunities to invest in offshore properties. The property that is leased by the EU until 2028 is expected to yield 6 to 7 percent returns a year.

Square de Meeus 8 commanding an area of 39,000 square meters is a landmark building in Brussels. It is just 500 meters away from the European Parliament Assembly and the Royal Palace of Brussels. It is adjacent to embassies of many countries and headquarters of financial institutions.

By Song Gwang-sup

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