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Korea’s POBA seeks manager for US$100 million global REIT

By Hui Ching-hoo   
December 9, 2020

South Korea’s Public Officials Benefit Association (POBA) is looking to hire an international fund manager for a US$100 million ten-year mandate to invest in foreign property companies and trusts.

The investments will focus primarily on real estate investment trusts and listed property companies in the US, Japan, Europe and the UK, the pension fund says in its request for proposal. The document was published on the website of the Korea Financial Investment Association on December 8.

The mandate is benchmarked against the FTSE EPRA Nareit Developed Index.

The tender is open until December 23, and evaluation and manager selection are scheduled to be carried out from December 29 to January 31.

Applicants must have domestic offices in South Korea.

This is the pension fund’s third tender this year after a $50 million China mandate in July and a $350 million global bond mandate in August. It does not typically name winners of its mandates publicly.

POBA, a pension and welfare fund for around 250,000 local government public servants, had 14.3 trillion won ($12 billion) of total assets at the end of 2019.