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Mirae Asset Global Investments to acquire State Farm HQ building in Atlanta

Collected: 2017.04.02

Distributed: 2017.04.03

Source: Go Direct

South Korea’s Mirae Asset Global Investments Co. will take over an office building, which is to be used as the America’s largest non-life insurer State Farm’s headquarters in Atlanta, the United States, at roughly 330 billion won ($295 million).

According to investment industry sources on Friday, Mirae Asset Global Investments recently acquired a right of first offer on an office building located in the northeast of Atlanta, the U.S. A right of first offer allows a rights holder to negotiate the purchase of an asset before it is offered to third parties. The Korean firm plans to complete the purchase by May.

It is reported that Mirae Asset Global Investments is mulling over launching a real estate fund backed by the new acquisition for individual investors.

The office building was built early this year. It stands 21 floors above ground with total floor area of 49,600 square meters and will be used as the new headquarters of State Farm insurance company over the next 20 years. Currently, there are roughly 8,000 State Farm employees working in the building.

The investment is expected to deliver stable returns to Mirae Asset Global Investments with State Farm as its long-term tenant. State Farm has a credit rating of AA by Standard & Poor`s and it was ranked the No. 35 on the 2015 Fortune 500 list of largest companies.

By Song Gwang-sup

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