Korean pursemaker invests nearly $60M in the Bluffs at Playa Vista

Company bought the property's mezzanine debt

Nov.November 23, 2016 10:00 AM
12121 and 12181 Bluff Creek Drive (credit: Google Earth)
12121 and 12181 Bluff Creek Drive (credit: Google Earth)

Move over, Chinese money. A South Korean investment firm has nabbed a $59.6 million debt position in the Bluffs at Playa Vista, owned by New York developer Edward Minskoff.

Simone Investment Management Company, a division of handbag maker Simone, pooled the nearly $60 million investment from several local institutional investors, and ponied up $8.4 million itself, Korean publication Pulse reported.

The investment will be used to puchase the mezzanine debt on the property, with a 5 percent annual return.

The Bluffs campus encompasses two five-story office buildings at 12121 and 12181 Bluff Creek Drive, with a total floor space of 486,471 square feet. Minskoff bought the complex, developed by Lincoln Property Company, for $425 million, The Real Deal reported in July.

Foreign investors continue to pour money into the L.A. market. Between May 2015 and April 2016, the largest foreign investments in Los Angeles real estate came from Singapore, followed by Canada and Qatar. [Pulse]Cathaleen Chen

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