2016.02.17
Mirae Asset Securities Co., South Korea’s leading asset management firm, will invite investors starting this month for a new fund devoted to infrastructure investments in Spain.
According to the company sources on Tuesday, Mirae Asset Securities plans to create an infrastructure fund capitalized at 100 million euro ($111.6 million) investing in public-private partnership projects in building roads and hospitals around Spain. The fund is a semi-blind pool with no stated investment goal before raising funds from investors.
The company has already studied investment options - a new metro line in Barcelona, a hospital in Madrid, and a provincial government office building in Seville. The first batch of funds worth 46 million euro will go into the projects. Since the projects are state-administered, the investment will be able to yield steady annual returns of 7 percent to 8 percent, a company official said.
Mirae Asset Securities has approached Scotland-based Aberdeen Asset Management PLC, the largest asset management firm in Europe with working capital of 283.7 billion euro as of September 2015, to manage the fund. Aberdeen Asset Management would probe investment targets and report back to Mirae Asset Securities to decide on the investments.
Spain emerges as a better investment option as rate and market conditions in Great Britain, Australia, and the United States have deteriorated. Over 170 pork-barrel projects in Spain have been completed or are under process without major interruptions.
“The Spanish economy has made fast improvement after a fiscal crisis following the 2008 financial crisis, and its sovereign credit rating has recovered to investment-grade,” said an unnamed company official.
Mirae Asset Securities has been a pioneer among the local industry in exploring real estate investments in overseas since its involvement in a desalination facility in Victoria, Australia in 2009. As of the end of last year, the firm was operating 13 overseas funds capitalized at over $550 million.
By Noh Hyun
Read in Korean
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