South Korea’s Mirae Asset Global Investments said on Monday that it signed a contract to sell the Cologne City Hall building in Germany for 500 million euros, netting handsome profit from the 2016 purchase at 365 million euros ($402.2 million).
Mirae Asset Global Investments is expected to reap 170 billion won in profit from the investment made three years and 9 months ago. The building was acquired for 365 million euros in February, 2016, through real estate blind fund. The historical building in western Germany with two office complexes and parking area has been rented out to the city government for long term.
An unnamed official from Mirae Asset Global Investments said that the Cologne City Hall building brought stable annual dividend of 8 percent versus investment and allowed significantly big margin from the sale.
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