KB Asset Management Acquires Belgium's North Galaxy Tower for 814 Billion KRW

[Asia Economy Reporter Hwang Yoon-joo] KB Asset Management has completed the acquisition of the stake in Belgium's North Galaxy Tower, which it plans to invest in through its first public offering listed REIT.

KB Asset Management announced on the 13th that it acquired North Galaxy Tower for 630 million euros (approximately 814 billion KRW). The investment amount excluding local loans is about 400 billion KRW.

Recently, it acquired 100% of the local stake through a private REIT, and when funds from institutions are raised through a pre-IPO scheduled for July, it plans to acquire Samsung Europe HQ (50 billion KRW) located in London, UK, and then proceed with a public offering targeting individual customers before listing.

KB Star Global REIT has total assets of about 500 billion KRW, with about 90% (450 billion KRW) invested in North Galaxy Tower located in Brussels, Belgium, and about 10% (50 billion KRW) invested in Samsung Europe HQ located in London, UK.

North Galaxy Tower is managed by the Belgian Building Management Office (actual user is the Belgian Ministry of Finance), and Samsung Europe HQ building is leased by Samsung Electronics Europe Corporation, with remaining lease periods of about 10 years and 15 years respectively.

Early termination is not possible during the contract period, so stable dividends are expected during the remaining lease period, and both assets have the advantage of reflecting inflation through annual rent negotiations.

Director Lim Hyun-kyu explained, "KB Star Global REIT is KB Financial Group's first public offering listed REIT, and with KB Financial Group participating as an anchor investor, it has high market trust, and we plan to continuously incorporate assets."

This content was produced with the assistance of AI translation services.