German Office Linked to IGIS Asset Fund's Loan Default

Quick Summary:

A 370-billion-won ($270 million) real estate fund managed by IGIS Asset Management Co.faces a heavy loss from its investment in Trianon, a land office building in Frankfurt, after it defaulted on loans linked to the skyscraper, the Korean asset management firm said on Tuesday.

In July last year, IGIS Asset decided to sell the high-rise building and extended the fund’s expiration by two years at a meeting with limited partners in October.

As the loan ratio skyrocketed, the SPC fell into a cash trap at the end of 2021, in which the lease income was first used to pay an interest, with the remainder set aside to provide additional security to the lenders.

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Article Details

Category: Economy

Markets: South Korea

Topics: Year Asset Last Loan Management Igis Office Trianon Loss Building Fund

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-04 @ 21:02:29 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 300 words

Reading Time: 2 minutes read

Sentences: 17 lines

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Copyright Owner: © Korea Economic Daily

News ID: 21149375

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