M&G Real Estate has paid $230m for three retail outlets in three different South Korean cities. The two hypermarkets and one shopping mall are all leased to Lotte Shopping, the country's biggest retailer.
M&G Real Estate was one of the first foreign institutional investors to enter the South Korean property market in 2004 and has developed a deep understanding of the market, according to Hyesik Ryu, managing director, at M&G Real Estate Korea.
M&G Real Estate is part of M&G, the investment arm of Prudential in the UK, Europe and Asia.