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POBA agrees to acquire office building in Hamburg, Germany

Collected: 2016.12.21

Distributed: 2016.12.22

Source: Go Direct

South Korea’s Public Officials Benefit Association (POBA), a local pension fund for government officials, has agreed to acquire FLEETⅡ, an office building located in the southern part of Hamburg, Germany, for 124 billion won ($104 million), according to sources on Tuesday.

POBA will finance about half of the deal with its own resources and the remaining with bank loans. The pension fund aims to get an annual return of 5 to 6 percent from the deal. Details will be discussed to complete the transaction by the end of this year.

The building has a total rental space of 20,245 square meters with 10 floors above the ground and one floor under the ground. It is located in a newly formed commercial district in the southern part of the city and five companies including AXA Group are present under a long-term lease.

POBA said it plans to acquire three additional medium and large office buildings worth up to 130 billion won each in major European cities except London, where market volatility has increased after the British vote to leave the European Union.

To finance its future transactions, POBA decided to raise a blind fund worth 250 billion won so that it could purchase appropriate properties whenever they become available. A consortium comprising IGIS Asset Management and CBRE Global Investors was selected as an operator of the POBA fund in May.

By Kang Doo-soon and Song Gwang-sup

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