The insurance arms of Seoul-based Dongbu Group hired TH Real Estate to manage £50 million ($73 million) in U.K. commercial real estate debt.
Of that total, Dongbu Insurance Co. committed £40 million and Dongbu Life Insurance Co. committed £10 million, said Minjung Baik, Seoul-based vice president with Dongbu's representative, IGIS Asset Management Co.
A TH Real Estate news release Wednesday said the allocation, for real estate whole loan investments across the U.K., represents the two Dongbu companies' first separate account for U.K. debt investments.
A TH Real Estate spokeswoman, in an e-mail, pegged the firm's assets under management at about $96.3 billion. The news release, meanwhile, said the company's book of commercial real estate business in the U.K. accounted for roughly $17.5 billion of that total.