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Biz News Korea(Eng)
Korea’s Simone to invest $60 mn in office complex in L.A.
- Collected
- 2016.11.22
- Distributed
- 2016.11.23
- Source
- Go Direct
The fledgling fund rose to a big player in real estate community after it purchased De Rotterdam, an architectural landmark in Netherlands, at about 450 billion won in June.
According to the investment banking industry Monday, Simone Investment Management pooled in several local institutional investors to launch a real estate fund worth 70 billion won to invest in a duo of five-story buildings “the Bluffs at Playa Vista.” Simone will invest 10 billion won and the rest 60 billion won coming from others.
The 70 billion won fund will be used to purchase mezzanine debt backed by the twin building with an aim to deliver annual returns of 5 percent.
Built in 2009, the Bluffs at Playa Vista is a creative office campus located in the heart of the Playa Vista submarket in West Los Angeles. It consists of two five-story office buildings covering a space of 486,471 square feet. Its tenants include Google, Sony, Fox Interactive Media, Honest Company, IMAX, Microsoft, YouTube, Vevo, Yahoo!, Belkin, Electronic Arts, and Gamefly. The entire complex is estimated at around 500 billion won.
By Kang Doo-soon and Song Gwang-sup
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