ARA Asset Management to buy Macquarie Real Estate Korea
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.