Buying Buildings in Dallas
Mirae Asset Global Investments recently signed a memorandum of understanding with KDC, a local real estate development company in Dallas, Texas, to acquire four State Farm office buildings located in the city’s business district.
The buildings’ price is US$850 million and they have a leasable area of 211,200 square meters. The signing of the final contract is scheduled for early next month.
At present, State Farm, one of the largest automobile insurance companies in the U.S., is in a 21-year master lease contract with the buildings completed late last year. Mirae Asset Global Investments is planning to take out a loan in the U.S. for 550 billion won of the price while Mirae Asset makes an equity investment for the rest, half of which is to be prepared by means of a public offering fund to be available from next month. The closed-end fund has a maturity of seven years and is to be listed on the stock exchange soon.
This contract is the sixth international real estate contract Mirae Asset Global Investments signed this year. Earlier, the company bought a FedEx logistics center in the United States, an office building in Cologne, Germany, Landmark 72 in Vietnam, Waikiki Resort Hawaii and Amazon's headquarters in Seattle.