SEOUL: South Korea's National Pension Service (NPS) said on Thursday, Sept 30, that it was in talks with Pramerica Real Estate Investors to invest as much as US$1 billion (RM 3.08 billion) in an Asian property fund, the latest effort by the world's fourth-largest pension fund to boost investments in overseas real estate assets.
NPS will be the sole investor in the fund and will initially invest US$400 million of equity, an NPS spokesman said.
The fund's size may increase to US$1 billion after borrowings, he added.
Pramerica, a unit of US-based Prudential Financial, will manage the fund, which will make its investment over a three-year period, the spokesman said.
NPS has 300 trillion won (RM813.38 billion) in assets under management. It has made a number of real estate investments, including US$300 million in US property through real estate investment firm Townsend Group. -- Reuters