M&G makes first retail acquisition in South Korea
M&G Real Estate has acquired three retail assets in South Korea for $230 million. The acquisition was made on behalf of its core Asia real estate strategy, managed by Singapore-based Erle Spratt.
M&G Real Estate has acquired two hypermarkets: the first in Daejeon, South Korea’s fifth-largest city; the second in Jeju, the capital of the Jeju province and the nation’s premier tourist destination. The third asset is an outlet mall in Incheon City, the country’s third-largest city after Seoul and Busan. All three assets are highly sought-after retail outlets in prime locations and are leased to South Korea’s largest retailer, Lotte Shopping.
The acquisition follows M&G’s €175 million ($194.46 million) acquisition in Madrid, its first deal in Spain. The investment was made on behalf of the global real estate fund m