Mirae Asset to acquire Credit Suisse’s bldg. in Frankfurt
[THE INVESTOR] Mirae Asset Financial is set to purchase a building complex owned by Credit Suisse Asset Management in Frankfurt, its fourth overseas real estate purchase this year, according to news reports on April 13.
The company has reportedly been picked as a preferred bidder to buy Taunusanlage 8, a 17-story building located in the banking district of the German city.
Mirae Asset and Credit Suisse declined to comment on the matter but a source familiar with the matter has apparently confirmed it.
The deal is expected to cost up to 300 million euros (US$318.38 million). The asset management company will form a fund with institutional investors to finance 40 percent of the property acquisition, while taking out loans for the rest, a source was quoted as saying.
Once completed, the deal will mark Mirae Asset’s fourth overseas property purchase this year. Last month, the financial group bought US non-insurer State Farm’s headquarters in Atlanta, US, for 330 billion won and Vodafone Germany’s office complex in Dusseldorf for 350 billion won. In February, it also acquired a building in Canberra, Australia, for 280 billion won.
The company’s move is in line with other domestic AMCs who are increasing looking at profits from overseas property markets amid low interest rates.
By Park Ga-young (firstname.lastname@example.org)