POBA appoints KORAMCO for 300 billion won property mandate

South Korea’s Public Officials Benefit Association (POBA) has hired local alternatives manager KORAMCO Asset Management for a 300 billion won (US$269 million) domestic real estate mandate.
It comes just weeks after the pension fund appointed London-based AEW UK REIT plc in December for a $100 million listed real estate mandate.
The pension fund opened the tender for the domestic property mandate in November.
KORAMCO will invest the money in a blind pool fund to acquire office buildings in Seoul and the neighbouring Bundang business district in Gyeonggi province, the asset management firm says in a statement on February 2.
It says around 60% of the fund will be allocated for large office buildings, and 40% for mid-sized offices and value-added investment strategies.

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