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Biz News Korea(Eng)
Meritz RE Asset Management plans $72.37 million property investment in Germany
- Collected
- 2016.09.23
- Distributed
- 2016.09.26
- Source
- Go Direct
According to financial industry sources on Wednesday, Meritz RE Asset Management recently agreed to cooperate with two to three domestic institutional investors to raise 80 billion won for their investment into 30 major commercial buildings in Germany in the form of senior debt. The annual target return is a 4 percent range over the next five years.
The buildings, mostly office buildings and hotels, are located in major German cities such as Munich, Cologne and Frankfurt. The average remaining lease term of tenants in these buildings is more than five years. These buildings are currently owned by U.S. asset manager Apollo Investment Corporation.
The senior debt issued with commercial buildings as collateral usually delivers an annual return of 1 to 2 percent, but the Meritz’s investment project will be conducted in the form of portfolio with more attractive returns.
By Kang Doo-soon and Song Gwang-sup
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