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First Dividend for Macquarie's Korea REIT |
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02 September 2004 Macquarie Property's real estate investment trust (REIT) in Korea, and Korea's first by a wholly owned foreign manager, has announced its first fiscal year dividend. The Macquarie Central Office Corporate Restructuring REIT, or MCO CR-REIT, managed by Macquarie International Asset Management (MIAMC), has announced a dividend payout of 8.30 per cent (annualised) for the Trust which owns the Kukdong Building in central Seoul, Korea. The dividend yield is 1.55 per cent higher than the originally estimated figure. "The increased dividend was possible because of an increased operating income through proactive vacancy management, effective leasing control and renewal and operational cost controls," said Matthew Banks, Head of Macquarie Property Investment Banking and member of the MCO CR-REIT Board. The Kukdong Building is the first asset acquired by the CR-REIT, which was established by Macquarie Bank Limited, Schroder Asian Properties LP, Samsung Life Insurance, Samsung Fire & Marine Insurance, LG Fire & Marine Insurance and other investors through a successful public offering in December 2003. MIAMC has earmarked KRW5.3 billion to upgrade the building over five years, which is the expected retention period. Of this, KRW1.5 billion was spent in April to July this year for renovation of the lobby, arcade and mezzanine. "An internal lobby refurbishment, external upgrade works along with replacement of old facilities based on our capital expenditure plan over the next four years will further enhance the asset value and maximize investor return," Mr Banks said. In addition to the CR-REIT, Macquarie's real estate investments in Korea include the Daewoo Securities Building, SK Securities Building and DongYang Securities Building in Seoul's Yeouido district. Macquarie is one of the largest wholly owned foreign managers of property assets in Korea.
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policy ©2004 Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
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MBL does not guarantee or otherwise provide assurance in respect of the
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