American Realty Investors Taps into Korean REIT Market

SEOUL, SOUTH KOREA-American Realty Investors of Dallas has formed a joint venture with the Korea Exchange Bank and WOORI Securities to advise Realty Korea CR, a new REIT that will invest in office buildings in Korea and throughout the world.

Realty Korea CR REIT recently acquired three buildings – the 1,078,015-sf Say Department Store in Daejeon, South Korea; a 104,734-sf office building in Bundang, South Korea; and a 596,782-sf office building in Seoul, South Korea. The REIT is currently looking to acquire three additional buildings in the Seoul area.

The objective of the REIT is to increase its market capitalization to $900 million (U.S.) in managed properties and then expand into office, multi-family and hotel development. Its partners include Kyobo Life Insurance Co. Ltd.; LG Fire & Marine Insurance Co. Ltd.; Shinhan Bank Co. Ltd.; Dongyang Fire & Marine Insurance Co. Ltd.; and Transcontinental Realty Investors Inc.