South Korea’s Public Officials Benefit Association (POBA) has announced plans to hire two asset managers for a US$250 million real estate investment trust mandate.
The REIT mandate comprises $150 million of funding that will invest in US, Europe and Japan markets, and a $100 million that will focus on the Korean market, POBA says in a request for proposals on March 18.
The mandate is benchmarked against the FTSE EPRA/NAREIT Developed Index with a ten-year investment period.
Managers bidding on the mandate must have minimum three-year track record of investing in REIT assets. They must have at least $35 million of overseas REIT assets or 50 billion won ($34.6 million) of Korean REIT assets.
Applications are open until April 2, with manager selection scheduled by the end of May.
POBA, a pension and welfare fund for around 250,000 local government employees, has around $17 billion of assets under management.