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Real estate

IGIS beats Blackstone, Brookfield in Asian real estate AUM

The Korean real estate asset manager recorded $26.9 billion at end-2020, following Singapore's GLP with $65.2 billion

By Nov 24, 2021 (Gmt+09:00)

IGIS bought Millenium Hilton Seoul from CDL for 2 million in October
IGIS bought Millenium Hilton Seoul from CDL for $842 million in October

IGIS Asset Management Co., South Korea’s largest real estate asset manager, was ranked as the world’s second-largest asset management company in terms of Asia-based real estate assets under management as of end-2020, $26.9 billion. Its Asian real estate AUM increased by 30% from $20.7 billion as of end-2019, following Singapore-based real estate investment manager GLP Pte., according to the latest report by global real estate media firm Institutional Real Estate.

(Credit to Institutional Real Estate)
(Credit to Institutional Real Estate)

Regarding global real estate AUM, IGIS was ranked 39th with $36.5 billion, up five notches from 44th with $28.2 billion as of end-2020. US asset management giant Blackstone Group came in top with $319.4 billion and Canadian global alternative asset manager Brookfield Asset Management Inc., with $215.8 billion, was second. 

IGIS also scored well in terms of environmental, social and governance investment. Earlier this year, global ESG benchmark provider GRESB awarded IGIS the highest five-star rating for the fourth consecutive year, as a private investment firm managing Asia-based office properties.

In October, the Korean real estate manager signed a memorandum of understanding to buy the five-star Millennium Hilton Seoul from Singapore-listed City Developments Limited (CDL) for around 1 trillion won ($840.4 million). Before that, IGIS acquired Mangrove Sinseol, a renovated co-living space and formerly Ramada Encore Dongdaemun, for 57 billion won in July. It also acquired Tmark Hotel Myeong-dong for 95 billion won in June. 

Managing 23 funds, IGIS' total assets reached 40.1 trillion won as of end-2020, 25.6% up from the previous year. 

Write to A-young Yoon at youngmoney@hankyung.com

Jihyun Kim edited this article. 

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