Rising tensions on the Korean Peninsula have pushed South Korean investors to look overseas — and particularly, to the U.S. — for new real estate investment opportunities, according to a recent Wall Street Journal story (subscription required).
According to Jones Lang LaSalle Research, South Koreans have invested $5.4 billion in real estate outside their home market in the first half of 2013, already more than double the $2 billion spent in 2012.
Recent investments include a mixed-use complex in Washington, DC, an office tower in Houston and Chicago’s 225 W. Wacker (at left), which was sold recently to Mirae Asset Global Investments Co. in a $218 million deal brokered by JLL’s Bruce Miller and Nooshin Felsenthal.
JLL’s Steve Collins told the Journal that “there’s a mix of reasons [for the surge in activity], but with the whole blowup between North and South Korea … they started to put their money down.”
Click here to read the full WSJ story (subscription required).