POBA commits US$100m to 3650 REIT
South Korea’s Public Officials Benefit Association (POBA) has committed US$100 million to a vehicle of 3650 REIT, a US commercial real estate lender originating and managing portfolio loans for institutional investors. The vehicle employs 3650’s US-based bridge and event-driven (BED) lending strategy.
The capital will be used to expand 3650’s BED lending strategy in the United States, which focuses on shorter-term loans for borrowers pursuing ground-up construction, acquisitions, repositionings, recapitalisations or the restructuring of partnerships.
“3650 is an ideal partner for POBA as we continue to seek international relationships with leading alternative assets firms in the United States and worldwide,” said Harry Song, head of overseas real estate for POBA.