07.01.2016 - KIC wraps up a property acquisition in Germany for US$1.41 billion
Korea’s sovereign wealth fund Korea Investment Corp (KIC) has joined hands with Canadian alternative asset manager Brookfield Asset Management to acquire a commercial and retail property project in Germany from real estate investment firm Savills for about 1.3 billion euros (US$1.41 billion). According to a report from the Korea Economic Daily, KIC is said to have taken an 18% stake in the project and it has planned to invest about 300 billion won (US$252 million) in the project. The buildings are located in Potsdamer Platz in downtown Berlin, which consists of seven commercial buildings, five residential buildings, a shopping center with 30 restaurants, a movie theater, a concert hall, and a hotel. The transaction is the largest real estate deal in Germany since 2008...............................................Full Article: Source
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