Hana Alternative acquires US office building for $201 mn

South Korea’s Hana Alternative Assets Management Co. has acquired an office building in Charlotte, North Carolina, for $201 million. Wells Fargo bank occupies the entire office space with a remaining lease term exceeding 10 years, according to a Hana Alternative source on Feb. 4.

Hana has sold down most of its equity interest worth 90 billion won ($80 million) to domestic institutional investors for an expected dividend yield of 6-7% per year. It will finance the remainder from borrowings and security deposits from tenants.

The 15-story property at 300 South Brevard Street has a floor area of 33,297 square meters. It was thoroughly renovated before Stream Realty Partners put it up for sale last March.

It is located in Uptown Charlotte, the city's central business district, and about 800 meters from the Charlotte Convention Center.

CBRE, a real estate consulting firm, sent teaser letters to potential buyers in March 2020. The sale process was briefly suspended due to the global pandemic.

“The sell-down process is progressing smoothly,” a Hana Alternative source told Market Insight, the capital news outlet of The Korea Economic Daily. “Because a large bank occupies the building in a master lease, it is drawing interest from institutional investors.” 

Hana Alternative, part of the Hana Financial Group, has been headed by Kim Hee-seok, a former global investment head of the National Pension Service, since 2019. 

Write to Seon-Pyo Hong at rickey@hankyung.com
 

Yeonhee Kim edited this article.