Greystar, Patrizia secure Korea Post’s $100 mn housing investment

US-based Greystar Real Estate Partners and Germany’s Patrizia AG have won a $100 million mandate from Korea Post to invest in the housing sector, according to sources with knowledge of the matter on Dec. 13.

Korea Post will commit $50 million each to the two management companies in its first investment in funds targeting multi-family, senior and student housing assets in developed countries.

The mandate size was halved from the originally planned $200 million for an undisclosed reason.

The housing sector in Europe and the US is grabbing the attention of South Korean institutional investors as a defensive asset in a down cycle and as part of an effort to diversify their real estate portfolios.

Patrizia manages $42 billion of assets, while the US-based Greystar has $36 billion in assets.

By Chang Jae Yoo

yoocool@hankyung.com