KKR-Led consortium sells BLK Pyeongtaek Logistics Center
The investment firm KKR announced that Korean real estate asset manager Pebblestone Asset Management will acquire BLK Pyeongtaek Logistics Center from a KKR-led consortium. The hub is a newly developed multi-tenant modern logistics facility located in Pyeongtaek port, one of the largest ports in South Korea.
The facility, which was completed by the consortium in early 2019, has a gross floor area of approximately 136,500 sqm, making it of the largest modern logistics assets in Pyeongtaek city as well as in the southern Gyeonggi province. It services tenants including a major e-commerce retailer and various third-party logistics companies.
Terry Hwang, CEO and managing partner of Pebblestone Asset Management Korea, said, “We are pleased to close this deal successfully on behalf of Korean institutional investors. BLK Pyeongtaek Logistics Center is a one-of-a kind facility strategically located in a fast-growing coastal city with easy access to major transportation routes." (mw)