South Korea's National Pension Service, Seoul, hired Townsend Group to invest up to $400 million in real estate in Asia, ex-Korea, an NPS spokeswoman said Wednesday.
Townsend said in a news release that it will build a customized real estate investment portfolio for the 435.9 trillion won ($428.3 billion) NPS using a “variety of investment vehicles, including co-investments, joint ventures, clubs, secondary fund interests and primary commingled funds.”
Townsend's news release said opportunities for investment will be sourced from the entire Asia-Pacific region, ex-Korea.
The allocation is Townsend's second from NPS over the past four years. In September 2010, the NPS awarded the real estate manager a $300 million mandate for investment in North and South America.