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ARA Asset Management Establishes Third Privately-Held REIT In South Korea
Daily Bulletin | 27 October 2015

ARA Asset Management has announced that ARA Korea, a subsidiary of the group and a licensed REIT manager in South Korea, has successfully launched a new privately-held REIT.

Named ARA ShinYoung Residential Development Real Estate Investment Company with a mandate to invest in residential assets in South Korea, it has in October 2015 successfully completed its first investment in a residential development project in Seoul with a total development cost of approximately KRW43 billion.

The new REIT was launched in partnership with ShinYoung Co., a prominent residential property developer and operator in Korea. ARA Korea is mandated as the sole asset manager of the REIT and this is the third privately-held Korean REIT wholly-managed by the group.

As at 30 June 2015, the group’s assets under management stood at approximately $26.9 billion.

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