Facility close to Seoul changes hands
South Korean ESR Kendall Square REIT has acquired another mixed-use logistics facility for KRW 103 billion (USD 94.2 million).
This acquisition follows the recent launch of “Anseong LP”/“Yongin BRIC” located in the logistics hub of the broader Yongin area about 1.5 hours from Seoul GBD (Gangnam Business District). The company is currently operating three other projects within the Yongin logistics hub, forming a cluster of distribution centres and warehouses.
The newly added asset is 100% leased up. With a gross floor area (GFA) of 43,000 sqm, the property is a dry and cold storage mixed warehouse that stands four storeys tall with two basement floors. At present, ESR Kendall Square REIT manages a portfolio of 12 logistics assets with an asset value of approximately USD 1.3 billion and total GFA of 727,000 sqm mainly in the Greater Seoul area. (sh)