Korean Fund Bids for $674M Sony Center

BERLIN-Due to the retreat by Morgan Stanley from German real estate, the Korean state pension fund is bidding to buy the Sony Center in Berlin from Morgan Stanley Real Estate Funds, according to the Handelsblatt newspaper.

The Korean National Pension Service, with around $200 billion under management, has allocated more than $1 billion to European property indirectly via the UK-based Rockspring investment manager. Among other London assets, has bought the HSBC headquarters tower for around $1 billion. The Berlin investment would constitute its first investment in continental Europe if it is finalized, and is likely to be either direct or transacted via the Chicago-based investment manager Hines.