BNK and KTB jointly buy UBS tower in New Jersey for $219 mn
A-Young Yoon
Dec 08, 2021 (Gmt+09:00)
BNK and KTB Securities jointly acquire UBS Financial Services tower in Weehawken, New Jersey South Korea’s BNK Asset Management Co. acquired UBS Financial Services tower in New Jersey for $219 million from US real estate developer Hartz Mountain Industries Inc. at the end of November, the asset manager told The Korea Economic Daily.
The asset manager attracted $131.4 million in senior debt from major Korean bank KB Bank’s New York branch and received a combined $87.6 million commitment from eight Korean investors through BNK Asset Management’s two private equity funds.
Korean securities firm KTB Securities Co. committed around $44 million to BNK Asset Management’s US Value General Real Estate Investment Trust III. Seven affiliates of BNK Financial Group including two regional banks -- Busan Bank Co. and BNK Kyongnam Bank Co. -- as well as BNK Securities Co. and BNK Capital Co. invested the remaining $44 million in a BNK Asset Management blind fund.
The 10-story tower, with a 57,190-square-meter total floor area, will be master leased until 2023 by UBS, which leases more than 95% of the property.
Early this year, BNK Asset Management and KTB Securities jointly acquired a Bank of America building in Brooklyn, New York for $31.3 million. The two Korean firms invested $11 million while the asset manager attracted the remaining $20.3 million in debt financing from KB Kookmin Bank New York branch. BNK Asset Management, with $467 million in assets under management, will actively invest in overseas alternative assets such as offices, logistics centers and data centers next year, an official from the asset manager said.