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ARA Asset Management to buy Macquarie Real Estate Korea

Published on Dec 23, 2013 2:05 PM

Singapore-listed ARA Asset Management has agreed to buy Macquarie Real Estate Korea, a real estate management company based in Seoul, South Korea, for an undisclosed sum.

Macquarie Real Estate Korea manages two privately-held Korean Real Estate Investment Trusts (K-Reits), which together manage assets worth 588.4 billion won (S$700.2 million), ARA said in a filing to the Singapore Exchange on Monday.

ARA will also acquire a 10.02 per cent equity interest in one of the K-Reits as part of the transaction.

"This acquisition has allowed ARA to gain a foothold in South Korea, enabling the group to capitalize on the tremendous real estate opportunities in Asia's fourth largest economy by GDP," said ARA group chief executive officer John Lim.

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