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SG Singapore's ARA about to enter South Korea

Property Here - Tuesday, December 24, 2013

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If all goes to plan, Singapore-based ARA Asset Management will soon enter the real estate market of Asia’s fourth largest economy, media reports said.

The property fund management firm announced that it has secured conditional agreement for the purchase of South Korea’s Macquarie Real Estate Korea (MREK) for an undisclosed amount.

Currently, MREK manages US$555 million (S$702.8 million) worth of properties owned by two privately-held Korean REITs. Under the deal, ARA will also acquire a 10.02 percent stake in one of those trusts. 

The company also revealed that it established a fully-owned unit in South Korea, which will manage its investments there.  

“The acquisition of this platform adds to ARA's current REITs platform and bolsters ARA’s REIT management presence in the Asia-Pacific region,” said John Lim, Chief Executive Officer of ARA.

He added that the move will also enable them to tap on the many real estate opportunities in the country.