AXA Real Estate Investment Managers, the real estate division of the French insurance giant AXA, has opened an office in South Korea. The firm has also announced the appointment of Cho Yun Seok (Yun) to head operations in the country while also serving as the head of business development for Asia.
The Seoul office will enable AXA Real Estate to further penetrate the Asian market and provide opportunities to develop separate mandates in the region, the firm said in a statement. This will be AXA Real Estate’s third office in Asia, following establishment of offices in Singapore and Tokyo in 2008 and 2006, respectively.
“The launch of our third Asian office represents the significant opportunities that we are seeing both to grow the base of overseas clients investing into AXA Real Estate’s global funds,” said Pierre Vaquier, the firm’s chief executive officer.
Seok, who has over 12 years' experience in the real estate industry, will be based in Seoul to steer the firm’s capital raising efforts in South Korea. Prior to coming on board at AXA Real Estate, he was head of acquisitions at Simone Investment Manager, a real estate investment manager in South Korea.
At AXA Real Estate, Seok will also be responsible for business development activities across Asia.
“Yun joins with a wealth of local expertise and deep insights of all Asian real estate markets,” said Frank Khoo, head of Asia, AXA Real Estate, to whom Yun would report. “His appointment marks a key step forward in our drive to expand our presence in Asia, and also underlines our commitment to our strategic goal of becoming a global real estate asset manager which is able to provide its clients with the best service and investment solutions on a truly worldwide basis.”
As of June 2015, AXA Real Estate had more than €60 billion in assets under management.