INTERNATIONAL REPORT—Mirae Asset Global Investments has entered into a definitive agreement to acquire a portfolio of 15 U.S. luxury hotels from Anbang Insurance Group Co. The deal would be the biggest cross-border real estate investment by a South Korean company.

Reuters reported that a source with direct knowledge said that the size of the deal is about $5.8 billion and that it is expected to close by the end of January 2020.

“This project is the result of Mirae Asset’s continued effort in the overseas real estate market since 2003,” said Choi Chang-hoon, head of the real estate unit, Mirae Asset. “We will continue to strive to provide investors with the opportunity to diversify their portfolio with core real estate assets located in key, global markets.”

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