Korea’s KB Securities To Acquire U.K. Amazon Fulfilment Center


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Comserve Inc.

Aug 20, 2020, 08:30 EST


Bronx, United States, Aug 20, 2020, 08:30 /Comserve / -- South Korea's leading investment bank, KB Securities Co. has collaborated with LB Asset Management Co. to acquire the U.K. operation of the Amazon Fulfillment Center.

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Seoul, South Korea, August 18, 2020: South Korea's leading investment bank, KB Securities Co. has collaborated with LB Asset Management Co. to acquire the U.K. operation of the Amazon Fulfillment Center. According to the deal, the U.K operated fulfillment center in Edinburgh, would be rented to Amazon for a period of about 11 years with an estimated return of around 7 to 8 percent per annum.

In order to finance the acquisition, KB Securities has created a real estate fund, out of which the company plans to sell half of the amount to local insurers and pension funds and the remaining half will be financed through debt from European-operated Korean banks.

KB Securities Co is one of the 12 subsidiaries of the leading financial institution in Korea, KB Financial Group. The group was formed in 2008 to serve clients with a broad range of financial products and services for making better investments. Similarly, LB Asset Management is another investment company of Korea which deals in real estate fund management. The company was established in 2016.

According to the half-yearly report of KB Financial Group, the total comprehensive income for the year 2020, reported a slight decline and was KRW 1,673,679 million as compared to the previous year’s total comprehensive income which was KRW 2,117,973 million, with a change of (-) 21% Y-O-Y.

Amidst the corona virus pandemic, several Korean financial players were gradually resuming alternative investments. Recently, Korea Investment & Securities Co. along with Tiger Alternative Investors has acquired the distribution center of Home Depot. A significant amount of fund was created for the acquisition out of which a portion was sold to the local investors. Also, due to the recent travel ban caused by the coronavirus pandemic, an onsite investigation was difficult, so the terms and conditions of the agreements were also modified to allow due diligence after the acquisition was completed.

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