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Investors - JULY 29, 2020

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Korea Post Savings seeks real estate debt managers

by Kali Persall

Korea Post Savings, the insurance investment arm of Korea Post, has launched a request for proposals (RFP) for one or two real estate debt managers.

According to The Korea Economic Daily, under the mandate, Korea Post Savings will look to commit $200 million to mezzanine debt real estate funds. The mezzanine strategy will include mezzanine loan, B-notes and subordinated debts with a focus on the United States and Europe.

The investment arm has invited both foreign and domestic asset managers to apply, given that they have at least five years of management experience in overseas real estate mezzanine funds. Local asset managers must have at least 300 billion won ($250 million) in assets under management.

In the second phase of the evaluation process, Korea Post said it will conduct on-site due diligence for shortlisted candidates.

The deadline to submit proposals is Aug. 19, with a selection to be finalized around October.

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