SINGAPORE - ARA Asset Management has announced that its subsidiary in South Korea will launch a new privately held REIT in partnership with prominent Korean REIT operator and developer ShinYoung Co.

The REIT, to be known as ARA ShinYoung Residential Development Real Estate Company, has completed its first investment in a KRW43 billion (S$52.9 million) residential development project in Seoul capital city, the company said in a release on Monday.

The REIT is the third privately-held Korean REIT wholly-managed by ARA.

ARA's assets under management stood at about S$26.9 billion as at June 30, 2015.