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Korea Post seeks bids for 200 million euro offshore property mandate

Korea Post
By Hui Ching-hoo   
November 29, 2021

Korea Post has opened bids for a 200 million euro (US$224.38 million) offshore real estate mandate, structured as an open-ended commingled fund that will focus on developed markets in Europe.

Korea Post will select two asset managers for the mandate, which will adopt core and core plus strategies, the government postal agency says in a request for proposal on November 25.

This is Korea Post’s second real estate tender of 2021. The first was in October, when it sought bids for a 100 billion won ($83.83 million) domestic logistics real estate fund mandate. Like most Korean asset owners, the agency rarely announces tender results.

Applicants for the new mandate must have a track record in managing global property investments, with at least 5 billion euros of assets under management in their global real estate portfolios, including a minimum 2 billion euros in European real estate assets.

Applications are open until December 17, with evaluation and manager selection scheduled for the first quarter of 2022.

Korea Post had around 134 trillion won of assets under management as of end-2020.