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Korea Post seeks bids for US$200 million foreign property mandate

Korea Post
By Hui Ching-hoo   
March 28, 2023

Korea Post is looking to hire two asset managers for a US$200 million foreign value-added real estate strategy, the government postal agency’s third outsourced investment in as many months.

The strategy is structured as a commingled closed-end fund focusing on developed markets, with at least half of its assets allocated to North America, according to the request for proposal on March 23.

It must also allocate a minimum 30% each to office-related investments and property development.

Asset managers bidding on the tender are required to have track records managing value-added real estate fund. The RFP does not set out any other qualifications.

Applications are open until April 7 and the asset managers are scheduled to be selected by the end of July.

Korea Post is one of the most active Korean asset owners in outsourcing investments. Its two other mandates since January were for a global treasury exchange-traded fund and a global equity ETF, both of unspecified value.

The postal agency doesn’t often announce winners of tenders publicly, but did name Samsung Asset Management and Mirae Asset Global Investments for the global bond ETF mandate.

Sejong-based Korea Post has around 150 trillion won ($119.58 billion) of assets.