Korean Institutional Investors Partners with AIG for Southeast US Industrial Property Exposure
Posted on 09/03/2021
Seoul-based LB Asset Management Inc. formed Fund No.35,36 Real Estate, U.S. (Southeastern States, Industrial Asset Portfolio). LB is a major shareholder of LB Asset Management has its foundation in LG Venture Capital. AIG Global Real Estate (part of American International Group Inc.) and LB Asset Management, on behalf of three South Korean institutional investors, agreed to form a US$ 1 billion joint venture to co-invest in an 8.6 million-square-foot industrial portfolio focused in Virginia, Georgia, North Carolina, and Tennessee. AIG Global Real Estate said it is co-investing in the portfolio comprising of 86 industrial properties. The portfolio is 98% leased at the time of acquisition. AIG Global Real Estate will manage the portfolio assets.