[Alpha Biz= Paul Lee] Mirae Asset Global Investments has been selected as the preferred asset manager for Korea Post’s “Domestic Real Estate Core Strategy Fund,” which will manage over KRW 600 billion. This marks the third time Mirae Asset has been entrusted with Korea Post’s domestic core real estate blind fund, further solidifying its track record in the sector.
According to the investment banking industry on the 29th, Korea Post has named Mirae Asset Global Investments as the preferred bidder for managing its domestic real estate core strategy fund under the Post Office Insurance division. Korea Post plans to conduct on-site due diligence and investment committee reviews before finalizing Mirae Asset as the asset manager.
Mirae Asset attributed its win to its deep understanding of Korea Post’s core strategy blind funds. The company first launched such a fund in 2019 with a scale of KRW 250 billion, investing in prime office properties like State Tower Namsan and Shinhan L Tower, achieving stable returns. The State Tower Namsan, initially purchased for KRW 588 billion, is now valued at approximately KRW 785 billion, reflecting a 30% increase.
In 2023, it also successfully launched a second core strategy blind fund worth KRW 500 billion, investing in logistics centers (e.g., LogisOne Yangji) and offices (e.g., Tower 8), delivering strong investment performance.
Korea Post plans to commit around KRW 5 trillion—85% of the fund size—to the new fund, which will total at least KRW 600 billion. Target investments include prime office buildings in key areas of Seoul and logistics facilities in the greater metropolitan area, with office investments comprising over 50% of the portfolio. The investment period is set within two years, and the fund will mature within 12 years, with an annualized internal rate of return (IRR) target of up to 7%.
Given the scale of the blind fund, expectations are high for Mirae Asset. As Korea’s first real estate fund manager (since 2004), the firm brings 21 years of commercial real estate investment and management expertise. Mirae Asset’s domestic core real estate assets—either liquidated or under management since 2015—have delivered an average net IRR of 10.3%, demonstrating its strong performance in core strategy investments.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
