JR Asset Management receives approval for REIT

South Korean real estate investment firm JR Asset Management announced Feb. 24 that it had obtained government approval for the initial public offering of its REIT, which invests in Belgium’s second-tallest skyscraper.

The REIT, called JR Global, is hoping to carry out South Korea's first listing of a cross-border REIT.

“We are looking for ways to offer retail investors more practical investment opportunities,” said Kim Kwan-young, CEO of JR Asset Management. “JR Global will step up to become a global REIT with more strategic investments in prime overseas assets.”

The Belgian asset totals 196,200 square meters (2.1 million square feet) and 36 stories and houses Belgian government agencies.​