JR AMC To List First Cross-Border REIT On Kospi (The Korea Herald)
July 14, 2020 — South Korean firm JR Asset Management said Tuesday it is eyeing its first cross-border real estate investment trust (REIT) to list on the nation’s main bourse Kospi in early August.
JR Global REIT is designed to invest in Belgium’s second-tallest skyscraper Finance Tower Complex. Located in Brussel’s central business district, the 36-story building was valued at 1.44 billion euros ($1.29 billion) as of June 21, JR AMC President and CEO Kim Kwan-young said in a press briefing.
“The building is located downtown where the country’s federal government, the European Union’s institutions and financial firms are clustered. It also has the country’s major government departments as leaseholders such as the Federal Public Service Finance, Federal Public Service and the Federal Agency for the Safety of the Food Chain until 2034.”
Through the initial public offering, JR Global intends to collect funds from retail investors to buy securities of its private REIT — JR Fund No. 26. It will add more prime properties in Europe to its portfolio by 2022 and diversify the portfolio with the funds in the US starting 2025, Kim explained.
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