Korean funds looking further afield for US property
Fund managers from the country are eager to source targets for their local clients, but difficulty in sourcing deals is forcing them to look further afield, say advisers.
Korean fund managers are bidding aggressively on real estate assets in the US office and logistic sectors to try and satisfy local asset owner appetite for private assets. But many are missing out to local cash buyers, despite sometimes offering premiums of 10%. As a consequence, the managers have had to widen their searches into lower-tier cities.
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