Korea Post’s Postal Insurance Service is seeking one or two asset managers to oversee a total of $200 million for its overseas real estate mezzanine loan investments, sources said on July 23.

Strategies include mezzanine loans and subordinate debt for the US and European real estate properties. The target net internal rate of return is between 6% and 8%.

The agency’s search is open to both foreign asset managers and domestic fund-of-funds managers. Foreign asset managers with more than five years of real estate mezzanine fund investing experience and with minimum assets under management in this kind of strategy of $10 billion or more, can submit proposals. Domestic fund-of-funds managers need to have a minimum of 300 billion won ($250 million) in assets under management for real estate funds.

Proposals are due before August 19 and the agency expects to make a final decision before the end of October.

Last year Korea Post’s Postal Savings Service reportedly awarded two overseas real estate debt mandates of $100 million and $50 million respectively to Blackstone and Principal Asset Management. (Reporting by Hee-yeon Han)