|Logo of KB Financial Group (KB)|
South Korean brokerage firm KB Securities said Wednesday that it had completed the sale of a UK logistics facility, in which it jointly invested with LB Asset Management in 2017.
The two Korean companies bought the facility through funds designed to invest in UK property assets in 2017. The exact investment amount for the acquisition was not unveiled at the time. KB Securities and LB Asset Investment sealed the sale deal of the facility in January. The facility is leased to UK supermarket chain Sainsbury’s until 2038.
Without disclosing the value of the deal, the securities firm said the rate of return before taxes and fees came in at some 36 percent. Investors for the funds have been given an annual dividend of 7 percent on average.
The sale deal came amid growing concerns over foreign alternative investments during the ongoing coronavirus pandemic.
“The recent bull stock market requires the company to offer promising alternative investments for investors via an in-depth analysis and thorough on-site inspections,” said a KB Securities official, adding “We will continue to make all-out efforts to provide trustworthy investment products.”
By Kim Young-won (email@example.com)