Mirae Asset Global Investment, part of South Korea’s Mirae Asset Financial Group, has emerged as the front-runner to buy Citibank India’s former headquarters at Mumbai’s Bandra Kurla Complex (BKC) with an offer of ₹413 crore, according to two people aware of the development. Mirae Asset had announced its entry into India’s real estate sector in 2017 with a $500 million investment for buying commercial leased properties. However, the Korean mutual fund house later changed its strategy of investing only in commercial real estate. Of the $500 million, $100 million will be invested in residential projects, Puneet Bhatia, head, real estate, Mirae Asset Global Investments (India), saidlast year. Founded by Hyeon Joo Park in 1997, Mirae Asset Financial Group is the largest investment bank and asset managers in South Korea.

Source: Mint July 01, 2019 18:45 UTC