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213125
Fri, 10/28/2011 - 05:51
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https://oananews.org//node/213125
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National pension fund raises stake in French mall
By Lee Minji
SEOUL (Yonhap) - South Korea's national pension fund said Friday it agreed to increase its controlling stake in a French shopping mall as part of efforts to diversify its investment portfolio.
Under the deal with real estate developer Hammerson plc, the National Pension Service (NPS) will raise its 51 percent stake in O'Parinor to 74 percent, the pension fund said.
An NPS official, meanwhile, said the agreement is not a new investment but part of a deal that was struck between the two parties in October 2010.
NPS and Hammerson had signed a 230 million euro contract for the controlling stake in O'Parinor, a 90,400-square-meter shopping center located in a posh town north of Paris. The deal was expected to reap an 8 percent annual return over the next five years.
"The agreement signed last year had stated the NPS would purchase the stake through two installments. There were no changes in the price or stake amount of the deal," said the official, without confirming the deal value.
Bloomberg reported the NPS flagged 106 million euros (US$150 million) for the stake increase, citing unidentified sources.
NPS, the world's fourth-largest pension fund, has been beefing up property investments in Europe as part of its efforts to diversify its investment portfolio. The pension fund made investments in a number of properties in Britain and Germany, including Britan's Gatwick Airport and Germany's Sony Center.
The national pension fund is the country's biggest institutional buyer of stocks and bonds with assets worth 339 trillion won (US$307 billion) under its wing as of end-August.
SEOUL (Yonhap) - South Korea's national pension fund said Friday it agreed to increase its controlling stake in a French shopping mall as part of efforts to diversify its investment portfolio.
Under the deal with real estate developer Hammerson plc, the National Pension Service (NPS) will raise its 51 percent stake in O'Parinor to 74 percent, the pension fund said.
An NPS official, meanwhile, said the agreement is not a new investment but part of a deal that was struck between the two parties in October 2010.
NPS and Hammerson had signed a 230 million euro contract for the controlling stake in O'Parinor, a 90,400-square-meter shopping center located in a posh town north of Paris. The deal was expected to reap an 8 percent annual return over the next five years.
"The agreement signed last year had stated the NPS would purchase the stake through two installments. There were no changes in the price or stake amount of the deal," said the official, without confirming the deal value.
Bloomberg reported the NPS flagged 106 million euros (US$150 million) for the stake increase, citing unidentified sources.
NPS, the world's fourth-largest pension fund, has been beefing up property investments in Europe as part of its efforts to diversify its investment portfolio. The pension fund made investments in a number of properties in Britain and Germany, including Britan's Gatwick Airport and Germany's Sony Center.
The national pension fund is the country's biggest institutional buyer of stocks and bonds with assets worth 339 trillion won (US$307 billion) under its wing as of end-August.
