KTB Asset Management announced Monday it is launching a private real estate fund with 109 billion won ($93 million) worth of loans in New York Marriott at Brooklyn Bridge.
According to the firm, four domestic life insurance companies have purchased the fund. The dividend rate is forecast to average 4 or 5 percent by year. The investments will be valid by 2021.
New York Marriott at Brooklyn Bridge. (Marriott Hotel)
“New York Marriott at Brooklyn Bridge has been seen lucrative to many investors, as it has sustained a stable cash flow even after the financial crisis in 2008,” said a source from the firm.
The hotel is now under the ownership of Muss Development, a New-York based real-estate investment company.
Since its new Vice Chairman Lee Byung-chul took the lead in July, KTB has been seeking business opportunities from overseas alternative investments with high returns and relatively low risk.
“We will keep seeking business opportunities in the real estate market of overseas financial hubs like New York City, San Francisco, Tokyo and more,” said the source.
By Song Ji-won (firstname.lastname@example.org)