For the first time, the Housing and Urban Fund’s Surplus Fund operated by the Ministry of Land, Infrastructure and Transport has suffered a total loss in its overseas real estate investment. In 2017, the Housing and Urban Fund invested KRW 40 billion in mid-tier loans (mezzanine) collateralized by the headquarters of State Street Bank, located in Boston, USA, through Mirae Asset Global Investments, the dedicated management agency. The fund invested in was established by Daol Asset Management. However, after the investment, State Street Bank moved to a newly completed office building nearby, worsening the vacancy rate, and attracting new tenants became virtually impossible in the new remote […]