The sale of GPT Group Ltd's half-stake in the $800 million Erina Fair shopping centre in NSW to South Korea's National Pension Service (NPS) is expected to set off a flurry of activity as South Korean groups eye Australian real estate, according to The Australian.
Up to $1 billion worth of Australian real estate could shift into South Korean hands in coming weeks, as South Korean investors seek high-yielding, safe haven investments at the same time that Australian landlords increasingly look to offload shopping centre stakes.
Seoul-based Samsung is nearing an entry into the Australian property sector with a potential $150 million deal for the Australia Post NSW headquarters in partnership with Eureka Funds Management, The Australian reported.
Meanwhile, South Korea's Mirae Asset Financial Group is in exclusive due diligence to buy Sydney's Four Seasons Hotel for some $350 million.