Such assets appeal to Korean managers, who generally target a steady return of about 6 percent to satisfy the pension and insurance funds they serve back home, said Fletcher, who directs JLL's international capital group in Chicago. Cities such as Philadelphia are coming onto their radar as soaring prices in such cities as New York and San Francisco make such yields unobtainable.
"They've been moving into some of the secondary markets like Philadelphia, but acquiring these kinds of best-in-class assets with these long-term unexpired tenancies," she said.
Radnor-based Brandywine will continue to manage the former 30th Street Main Post Office building for Korea Investment after the conclusion of the sale, expected in the first half of first quarter 2016, Sweeney said.
Proceeds from the sale will pay off the $177.4 million mortgage remaining on its nearby Cira Centre South parking garage. The sale was among $395.5 million in transactions Brandywine announced Wednesday, including properties in King of Prussia, Wilmington, and Carlsbad, Calif.
Brandywine purchased the 1930s-era post office property in 2007 for $28 million. The IRS moved into the building in 2010 on a 20-year lease after $225 million in renovations.
The agency pays $32.1 million a year in rent, which also includes 1,200 parking spaces, according to the U.S. General Services Administration, which administers the lease.
Similar transactions involving Korean funds include Mirae Asset Global Investments' $218 million purchase of the 31-story 225 W. Wacker Dr. building in Chicago and its acquisition this year of the 569,800-square-foot 1801 K St. building in Washington for $445 million.
A venture involving Korea's Samsung conglomerate reportedly has a deal to buy the Chicago headquarters of BMO Harris Bank for $320 million.
The Cira Square purchase is central Philadelphia's first by an overseas buyer since Germany's Commerz Real A.G. bought an 80 percent stake in the Comcast Center in 2006, according to data compiled by Colliers International. Commerz Real divested itself of that interest in 2013.
The sale also comes as Center City's office market sees an unprecedented volume of activity, with transactions totaling nearly $2.4 billion over the last 24 months, real estate services firm CBRE said in a report Tuesday.
But market conditions likely played less of a role in Korea Investment's decision to acquire the former post office property than did its stable government tenants and high rents, Fletcher said.
It's "an asset-led, rather than a city-led, strategy," she said. "Rather than saying, 'We're going to buy in Philadelphia, let's find a building,' they're looking at where an opportunity comes up."
jadelman@phillynews.com
215-854-2615 @jacobadelman
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Brandywine continues its selling spree in 2016, this time with the 862,700-square-foot former U.S. Post Office Complex, which is reportedly being scooped up by a foreign buyer.
Cira Square, Philadelphia
Brandywine Realty Trust has completed its sale of interests in Cira Square, a historic 862,700-square-foot former U.S. Post Office complex in the University City district of Philadelphia, for a reported $354 million in net proceeds. The buyer is a South Korean fund managed by Seoul-based Korea Investment Management Co., as international interest in CRE continues.
“The sale of Cira Square reflects our ability to both create and harvest value and will generate a significant gain to our shareholders,” Gerard H. Sweeney, Brandywine Realty Trust’s president & CEO, said in a prepared release. “We acquired the historic post office building in 2007, embarked on a multi-year renovation of this iconic Philadelphia landmark and rebranded it as Cira Square.”
The Cira Square property consists of 862,700 square feet and is currently fully leased to the General Services Administration and occupied by the Internal Revenue Service. Brandywine will continue to provide management services at the property.
Money from the sale will go towards paying the mortgage on the property and prepaying the Cira Centre South Garage mortgage totaling $35.5 million, unencumbering its 1,662-space facility.
The company has also sold three office properties located in Carlsbad, Calif., for $30.4 million. Combined the properties total 196,100 square feet and are 65 percent leased. Additionally, it sold a 1.6-acre development site located at the corner of 2nd and King streets in Wilmington, Del., for $6.5 million, and a 158,000-square-foot flex/office property located in King of Prussia, Pa., for $4.6 million.
Brandywine expects these deals to result in a net gain of approximately $124.5 million of net proceeds, which will be used to fund current development commitments, reduce debt and for general corporate purposes.
“The other asset sales represent our continued efforts to reduce our ownership in non-core assets and markets,” Sweeney said. “As evidenced by these transactions, the current investment market remains strong and consistent with our 2016 guidance. We anticipate additional sales between now and the first half of 2016.”
Brandywine also completed a nearly $400 million sale of 58 office properties that essentially finishes a multi-year effort to exit certain markets that don’t fit into its overall strategy to focus on urban areas and town centers.
The sale involved 10 buildings totaling 557,144 square feet in New Jersey, 11 buildings totaling 612,738 square feet in Pennsylvania, as well as properties in Northern Virginia and Richmond, Va.
Last week on Brandywine Realty Trust’s earnings call, it was revealed that Brandywine will report a gain of approximately $114 million in the first quarter of 2016.
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한투운용 4천억 美빌딩 펀드 운용개시…연7% 수익 충분 |
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<사진설명: 미국 펜실베이니아주 필라델피아 소재 시라 스퀘어(Cira Square) 빌딩>
(서울=연합인포맥스) 변명섭 노현우 기자 = 한국투자신탁운용이 연 7% 수익률이 기대되는 4천억원 규모의 빌딩 인수에 나서 부동산 펀드 설정을 완료하고 막판 재무적 투자자(FI)들의 자금 집행을 앞두고 있다.
31일 금융투자업계에 따르면 한국투자신탁운용은 미국 펜실베이니아주 필라델피아 소재 시라 스퀘어(Cira Square) 빌딩을 3억5천400만달러(약 4천126억원)에 사들여 최종 계약이 진행 중이다.
이 건물은 수익률도 좋을 뿐 아니라 내년까지 단일 부동산으로는 국내 최대 매물이 될 것으로 전망된다.
한국투자신탁운용은 '한국투자필라델피아 전문투자형 사모부동산 투자신탁 1호 파생형' 펀드를 지난 23일 설정을 완료해 운용에 들어갔다. 펀드는 FI를 통해 약 2천억원을 모집하고 나머지 금액은 현지 대출 등을 통해 충당한다.
특히 국내 증권사 3곳(한국투자증권, KB투자증권, SK증권)이 인수 불발 시 인수자금을 납입하는 조건으로 참여하고 있어 계약 마무리는 순조로울 것으로 전망된다. 계약마무리는 이르면 다음달 이뤄진다.
잔액인수 방식으로 참여한 3곳의 증권사는 인수 불발 시 부족한 인수자금을 대납하는 대신 자금집행이 완료되면 일정한 규모의 수수료 수익을 얻게 된다. 증권사들은 위험 헤지에 참여하는 대신 성공 시 수수료 수익을 올리는 방식이다.
FI로는 국내 손보사 1곳과 공제회 2곳, 대형증권사 1곳 등이 최대 500억원에서 최소 200억원 수준으로 참여했다.
재무적 투자자들은 6년으로 설정된 펀드 운용기간 동안 연평균 7%가량의 수익률을 기대하고 있다.
IB업계 한 관계자는 "대체투자가 활성화되고 있는 시점에서 해외부동산 투자가 활성화되고 있다"며 "연 7% 수익을 기대하고 있고 이 정도 규모의 부동산은 내년 투자 건 중에서 상당한 규모가 될 것"이라고 설명했다.
공제회 한 관계자는 "건물 주변이 번화가로 이뤄져 있고 국가 기관이 리스를 하고 있는 형태라 수익 안정성이 보장된다"며 "다른 기관투자자들도 이 건물 투자수익률에 대해 상당히 좋은 평가를 내리고 있어 추가로 투자자를 모으기는 어렵지 않을 것"이라고 말했다.
시라 스퀘어 빌딩은 1930년대 우체국으로 쓰이던 건물이다. 글로벌 자산운용사 브랜디와인은 지난 2007년 이 빌딩을 2천800만달러(약 326억원)에 매입한 후 2억2천500만달러(약 2천624억월)을 투입해 리노베이션 공사를 진행했다.
현재 미국 국세청이 지난 2010년부터 20년 리스 계약을 맺고 입주해 있다. 국세청이 이 건물과 주차공간을 사용하는 대가로 내는 임대료는 연간 3천210만달러(약 374억원)에 달한다.
한국투자신탁운용은 올해 상반기 독일 프랑크푸르트 중심가에 위치한 '트리아논(TRIANON)' 빌딩 인수를 위해 국내 연기금·공제회 등 큰손들을 대상으로 자금 모집에 나섰지만 최종 실패한 경험이 있다.
msbyun@yna.co.kr
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