Public Officials Benefit Association (POBA), a local authority that manages the retirement funds of functionaries, were considered to be the bidder for Belgium-based venture company, Brederode worth 130 billion won (US$117 million), as mentioned by some sources on Tuesday. POBA is said to acquire 100 percent stake of the company from an unnamed real estate investment trust (REIT) for 74 billion won (US$66 million). While the other 56 billion won (US$50 million) will be used to finance a loan from a local financial organization. The association expects to obtain a 5% annual return derived from the transaction after six years. The office complex is made up of three 6-floor buildings comprises of 22,300 square meters. The establishment can be found at Brussel’s commercial centre city, near the Central Station and Belgian Royal Palace. The building has been permeated by six corporation which involves the global law firm, Linklaters LLP with more than 13 years of contract under Brederode. According to an unknown official from the Seoul-based organization, the company takes its focus on the real estate market in the European mainland on the back of Brexit triggered in the previous year.
