Blackstone is deepening its presence in South Korea with the acquisition of two last-mile logistics centers in the greater Seoul area.
The New York-based alternative investment firm said Monday that its real estate division acquired properties totaling 1.3 million square feet in Gimpo and Namyangju, two of the most competitive infill logistics markets in Gyeonggi Province.
The firm said the properties are Grade A facilities — modern, high-quality logistics centers designed for efficient supply chain operations, typically featuring large space, advanced technology and strategic transport access — and are leased to major local and global e-commerce and logistics companies.
“This is a continuation of our commitment to investing in prime Korean assets in fast-growing sectors,” said Chris Kim, Head of Blackstone Real Estate–Korea.
“Logistics is one of our highest-conviction investment themes in real estate globally, and a focus for us in Korea, particularly in Seoul, where last-mile new supply remains extremely limited and vacancy rates are in the low 4 percent range,” Kim stated. “We are pleased to bring together our global scale and expertise, local insights and asset management capabilities to grow the platform for long-term success.”
Blackstone has ramped up its real estate activity in Korea since launching the dedicated team three years ago.
Last year, it completed three major transactions, including an investment in a multistory logistics facility in Gimpo and the acquisition of an office building in Seoul’s Gangnam district for conversion into a select-service hotel with Travelodge Asia. The firm also finalized the landmark sale of Arc Place, following years of repositioning the asset into a premier office building in central Seoul.
jwc@heraldcorp.com
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