US-based Greystar Real Estate Partners and Germany’s Patrizia AG have won a $100 million mandate from Korea Post to invest in the housing sector, according to sources with knowledge of the matter on Dec. 13.
Korea Post will commit $50 million each to the two management companies in its first investment in funds targeting multi-family, senior and student housing assets in developed countries.
The mandate size was halved from the originally planned $200 million for an undisclosed reason.
It was first reported by the Herald Economy on Dec. 13 and confirmed by the sources.
The housing sector in Europe and the US is grabbing the attention of South Korean institutional investors as a defensive asset in a down cycle and as part of an effort to diversify their real estate portfolios.
Patrizia manages $42 billion of assets, while the US-based Greystar has $36 billion in assets.
By Chang Jae Yoo
<Edited by Yeonhee Kim>