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Korea Post calls bids for US$100 million property loan mandate

Korea Post
By Hui Ching-hoo   
April 2, 2024

Korea Post is seeking bids for a US$100 million foreign real estate loan strategy, its fifth tender since January.

The investment is structured as a blind fund and Korea Post will hire one asset manager to oversee it, the government postal agency says in a request for proposal on March 25.

The fund will focus on developed markets, including North America and Europe, with at least 80% of assets allocated to senior, subordinated and mezzanine loans.

Asset management firms bidding on the mandate must have a minimum $10 billion of real estate assets, and at least three management personnel with more than ten years of experience in overseas real estate loan strategies.

The winning bidder will be chosen by the end of June.

Korea Post is one of the most prolific Korean asset owners in outsourcing investments. Its four previous tenders this year include domestic venture capital and private equity. Like most Korean institutional investors, the postal agency rarely announces tender results publicly.

Sejong-based Korea Post has around 150 trillion won ($111 billion) of assets under management.