Mirae Asset Global Investments Co. said Tuesday it will invest 540 bilion won ($482 million) in its Brazil-based real estate fund due to a rise in demand by investors.
The asset management arm of Mirae Asset Financial Group, South Korea's leading mutual fund manager, said it will set up an additional 80 billion won worth of private funds by Feb. 17. The money created will be invested in the Rochavera Corporate Tower, located in the central district of San Paulo, the largest city in the South American country. The investor had already invested money into the corporate tower.
The latest fund will be the largest of its kind managed by a South Korean asset management firm, it said.
The move to set up a new real estate fund comes as investors interest in the initial fund was larger than expected. The fund received investment totaling 80 billion won early this month, fueled by retail investors' high interest in offshore real estate investment, the firm said.
Mirae Asset added that investors can expect a stable return and an increase in the asset value, as a lot of global firms' offices are based in the buildings, including South Korean mobile phone maker LG Electronics Inc. (Yonhap)