South Korea’s second-largest institutional investor, the Korean Teachers’ Credit Union (KTCU), has joined a $700 million real estate investment project that is acquiring and renovating a luxury multifamily apartment complex in Washington, D.C., according to Korean outlet Pulse.
KTCU is taking part in the project by investing $50 million in a real estate fund to be created by Seoul-based asset manager Vestas Investment Management Co., according to industry sources on Sept 1.
Other investors in the $700 million project include Los Angeles–based real estate CIM Group. KTCU is the only Korean institutional investor partaking in the project.
