POBA Invests KRW 130 billion in CMBS The Public Officials Benefit Association (POBA) has partnered with Shinhan Principal CMBS to invest in commercial real estate in the United States. Shinhan Principal CMBS is managed by Shinhan Asset Management, directly investing in overseas CMBS products securitized by Principal Asset Management, a global asset management company with a USD 501.5 billion AUM. POBA plans to invest a total of USD 100 million (approximately KRW 133 billion) into the fund with a target IRR of 6.5%. There are strict restrictions on diversification, including limiting the proportion of CMBS rated below BBB+ to 30% or less to reduce risk and not taking more […]