Mirae Asset Global Investments Co. Ltd. has agreed to sell an office building in Frankfurt for 400 million euro ($448 million) which will translate into an annual internal rate of return of over 25%, including dividend incomes.
The exit comes after the South Korean asset manager acquired Taunusanlage 8 (T8) for 280 million euros in August 2017 from Credit Suisse Asset Management.
On top of the exit proceeds of 120 million euros, the 17-story building generated dividend yields of the mid-7% range, Mirae Asset said on June 17.
It did not identify the buyer.
Mirae has added value on the 29,163-square-meter property which was about two-thirds vacant at the time of its purchase by driving up the vacancy rate to 99%.
Tenants include law firm Linklasters, shared-office provider WeWork and mutual insurance firm FM Global.
By Mansoo Choi
<Edited by Yeonhee Kim>