[This article was reported on "Radar M," a paid media outlet specializing in the capital market in Mail Business, on July 02 (10:46)]
Nubin Real Estate, one of the world's largest real estate investment managers, has created a separate management account (SMA) worth 220 million euros on behalf of the Seoul-based mutual aid agency for local officials.
The SMA explains that it reflects confidence in the long-term resilience and growth potential of the European real estate market. It will focus on investment opportunities in CorePlus real estate equity across Europe.
Mirae Asset Asset Management participates as a joint investor and as a domestic asset manager of the Administrative Mutual Aid Association. As an SMA investment manager, Nubin will be in charge of the entire process of finding investment opportunities, executing transactions, and managing assets.
The SMA is evaluated as an important milestone for the Administrative Mutual Aid Association, which has continued to diversify its real estate portfolio at home and abroad.
As its first investment, Nubin acquired Bravo!, a private student accommodation (PBSA) portfolio spanning seven Spanish university cities.
The portfolio has a total of 3323 beds, including assets currently operated in Madrid, Granada, Salamanca and Murcia, and three development projects located in Zaragoza, Valencia and Seville.
The deal represents the largest private student dormitory transaction in Europe this year in terms of transaction size, asset size and geographical scope.
Randy Giraldo Nubin, General Manager of Real Estate Europe, emphasized, "The European residential sector, especially private student dormitories in Spain, is an attractive investment destination that fits well with the risk and return profile of the CorePlus strategy."
Song Chang-eun, head of the U.S.-Europe real estate team at the Korea Local Administrative Mutual Aid Association, said, "Investment in CorePlus real estate shares in Europe is expected to provide attractive risk-adjusted returns in the long run."
Meanwhile, Nubin is a management company under the U.S. Teachers' Pension Fund (TIAA), which manages $1.4 trillion worth of public offering and private equity as of March.
