Mirae Asset buys Amazon-leased US distribution center for $78 mn

  • 2018-12-27

Mirae Asset Daewoo Co. Ltd. has closed a $78 million acquisition of an Amazon-occupied new distribution center near Atlanta, funded partly by a senior debt from Germany’s Allianz SE, the South Korean brokerage firm said on Dec. 26.

The property, built on a 99,000-square-meter land in the state of Georgia, was leased to Amazon under a 15-year term which can be extended by up to 25 years afterward.

USAA Real Estate Company completed the construction in July.

Mirae Asset sealed the acquisition via its US subsidiary and will sell down part of its equity interest in the property to US investors and high net-worth individuals.

No further details were provided about expected investment returns and how much senior loan Allainz lent.

The transaction came a month after an Asia-focused start-up fund managed by Mirae Asset Capital Co. Ltd. bought two distribution centers in Logis Valley, an industrial business park in Vietnam, for 53 billion won ($47 million).

The facilities were occupied by top South Korean companies, including Samsung Electronics Co. Ltd. and retailer CJ Corp., and expected to yield annual returns of 8.5% reportedly.

The fund was launched in March by Mirae Asset Daewoo and Naver, South Korea’s bigget internet portal, to invest in Asian venture companies.

They will increase the 50:50 fund size to 1 trillion won from 200 billion won.

By Hyungjoo Oh


<Edited by Yeonhee Kim>

Photo: Getty Images Bank