Mirae Asset Global Investments Co. has been named the preferred negotiator to acquire three logistics centers in the US leased to American retail giant Amazon.
According to investment banking industry sources on Sept. 9, Mirae Asset was recently chosen as the preferred bidder to buy the three facilities from US real estate developer Scannell Properties Co. The Korean asset manager is known to have offered $17 million (200 billion won) for the properties.
Amazon has leased the three distribution centers, located in Indiana, Ohio and North Carolina, from Scannell Properties for 12 years through 2032.
Sources said the deal contains a clause that guarantees a 1.5% annual increase in lease rates, and based on Mirae’s bid price, the cap rate, or the return from the lease relative to its investment cost, is seen at between 5-5.1% per annum.
The three logistics centers are part of 10 distribution facilities up for sale by Scannell, which leased them to Amazon, FedEx Corp. and other retailers.
Scannell Properties is a privately owned real estate development and investment company that focuses on build-to-suit and speculative development projects throughout the US, Canada and Europe.
Logistics centers have been attracting Korean institutional investors. In particular, the facilities leased to Amazon have been among the most sought-after targets.
Last year, Seoul-based IGIS Asset Management Co. acquired three logistics centers leased to Amazon in Paris, Barcelona and Bristol for a combined 595 billion won ($502 million).
Early this year, NH Investment & Securities Co. took a 50.1% stake in an Amazon distribution centers in Japan for around 150 billion won ($130 million) in a joint purchase with US-based Nuveen Real Estate.
“Local asset mangers and securities are actively seeking to buy the Amazon distribution centers in the US and Japan. One, which is currently under construction in Delaware and acquired by a Korean brokerage, is also selling down smoothly,” said an investment banking industry official.
By Seon-Pyo Hong
<Edited by In-Soo Nam>