The Korea Federation of SMEs or KBIZ is seeking an asset manager for a 500 billion won (US$342 million) domestic real estate fund mandate.
The ten-year blind fund will primarily invest in office buildings, warehouses and hotels across major cities, according to KBIZ’s request for proposal on February 9.
The fund aims to achieve a minimum internal rate of return of 6%.
Asset managers bidding on the tender must not have been sanctioned or warned more than twice by regulatory authorities over the past five years.
Applications are open until February 27 and the winning bidder is expected to be chosen by the end of March.
KBIZ was established in 1962 to safeguard the rights and interests of around 3.55 million small and medium enterprises.
