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Report: Mirae Asset plans US$2B fundraising for Anbang hotel portfolio deal

Mirae Asset Global Investments Co. Ltd. intends to raise US$2 billion to help finance its agreement with Anbang Insurance Group Co. Ltd. for the acquisition of the Chinese insurer's portfolio of 15 luxury hotels in the U.S., IPE Real Assets reported, citing unnamed sources.

The South Korean investor is setting up six private vehicles as part of the planned fundraising, according to the sources.

Mirae Asset was earlier reported to be paying more than US$5.8 billion for the purchase of the portfolio formerly known as Strategic Hotels & Resorts Inc. The deal is described as the largest single cross-border transaction undertaken to date by a Korean financial group, the Sept. 12 report added.