KIC seeks property assets in China and Europe
The US$157 billion Korea Investment Corp is considering buying one commercial asset each in China and Europe, KIC chairman and CEO Choi Hee-nam said in a recent interview with Yonhap News Agency.
Further details of the potential deals were not provided by Choi so as not to have any deleterious effects on negotiations with the sellers. Choi did note, however, that buyers and sellers have been at odds over property valuations amid the pandemic, which could hamper transactions.
Yonhap News Agency indicates KIC’s planned investments are coming during increased office vacancy rates in Shanghai and other major Chinese cities because of the pandemic.
In an effort to diversity its portfolio, KIC has purchased overseas commercial properties in recent years, and in 2018 sold an office building in central London for £107 million (US$136 million), representing a profit of about 54 billion won (US$44.9 million) and marking one of KIC’s successful exits