South Korea’s Construction Workers Mutual Aid Association (CWMAA) has opened a tender for a 100 billion won (US$73.2 million) domestic real estate mandate, the group’s sixth outsourced investment this year.
The investment will be in the form of a blind fund overseen by two asset managers, according to the group’s request for proposal on June 13. The fund is designed to allocate 60% of assets to the office sector, and 40% to the logistics and data centre sector.
The fund will have a three-year investment period and a target internal rate of return of 8%.
Asset managers bidding on the tender must have at least three years of experience in real estate investments with a minimum 1 trillion won of total assets in their property fund portfolios.
Applications are open until July 4 with manager selection scheduled in early August.
Seoul-based CWMAA provides welfare programmes and retirement savings services for 5.5 million construction workers. The group has around 4.6 trillion won of assets.