Principal opens Seoul office to intensify client relationships

US investment firm Principal Global Investors LLC has recently opened a Seoul office to strengthen the firm’s existing client relationships in South Korea, tapping John Kim as managing director and country head, the firm said on Oct. 21.

Kim will identify and develop a new client base, working closely with Lesley Lo, managing director and head of the firm's North Asia institutional sales.

Kim brings nearly 20 years of financial services experience to Principal across a wide array of disciplines, including asset management, business planning, investor relations, private credit investing and real estate acquisition, the investment firm said.

Before this appointment, Kim was managing director and head of investor relations for global real estate investment firm LaSalle Investment Management’s Seoul office.

He holds a master’s degree in real estate finance from New York University and a bachelor’s degree in business administration from Yonsei University.

“Investment capability offerings for Korean clients include offshore core equity real estate, mezzanine real estate loans, public securities, fixed income and private direct lending,” Kim said in an email interview with The Korea Economic Daily.

“Real estate debt and equity and private lending will be areas of focus over the next year,” he added.

Korean institutional investors are very sophisticated and strive to explore global investment opportunities across asset classes. The country has been among the most active capital markets in Asia for decades, particularly in cross-border investment,” Kim said.

“Principal’s goal is to identify their needs, understand their asset allocation strategies and goals and provide the right solutions,” he added.

As of end-June, Principal manages approximately $507.1 billion in assets for more than 800 institutional clients located in over 80 markets, as well as retirement plans and individual clients.

The firm is the world’s leading real estate manager with more than $100 billion in assets under management as of end-June.

It invests in four asset classes in global real estate: $48 billion in private equity, $23.6 billion in private debt, $21.8 billion in public equity and $6.6 billion in public debt. The firm is one of the world’s largest real estate investment trust (REIT) managers.

With US real estate developer Trammell Crow Company, the firm developed Indeed Tower, a 36-story office tower, the tallest one in Austin, Texas in May 2021. The class AA office was sold to LA-based REIT Kilroy Realty Corp. in July of the same year with an undisclosed deal value.

Indeed Tower has been awarded Best Project Design by the Urban Land Institute (ULI), based in Austin, Texas. Kim said the property is a great example of Principal’s track record in with ESG factors that enhance the real estate value.

Write to Chang Jae Yoo at yoocool@hankyung.com
Jihyun Kim edited this article.