이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
Korea’s postal service invest $251.8 mn in Amazon headquarters building in New York
- Collected
- 2016.06.02
- Distributed
- 2016.06.03
- Source
- Go Direct
According to the investment bank (IB) industry on Wednesday, the postal service, one of Korea’s largest institutional investor with 110 trillion won funds under management, will acquire a 49 percent stake in the building rented out to Amazon by Vornado Realty Trust, U.S. largest real estate investment trust company.
The postal service plans to finance 150 billion won from its own funds and borrow the remaining 150 billion won from lenders in the U.S. The investment is expected to generate a stable return of 6 percent per annum over the next 10 years.
The 44,314-square-meter building currently occupied by Amazon is located near bustling commercial Fifth Avenue. The property price is estimated at about 700 billion won, and the global online retailer is under 16-year lease for the space.
Like many other local institutional investors, Korea Post has been also upping its investment into alternative assets overseas amid prolonged low interest rate environment in the country. Earlier this year in January, the postal service formed a consortium with Public Officials Benefit Association and Military Mutual Aid Association to purchase two aircrafts chartered to Taiwan’s flag carrier China Airlines at 210 billion won. It was its first aircraft investment since its foundation. The postal service has been also looking for fund managers who could help it seek and invest foreign real estate assets since last month.
By Song Gwang-sup
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