CLI’s flagship regional fund acquires newly-completed Grade A logistics property in South Korea for $112 mil
The property, Anseong Seoungeun Logistics Centre, consists of two four-storey buildings with cellar floors. The property has a total of 60,407 sqm of net leasable area.
It lies in the north western area of Anseong, a developing logistics hub in the Gyeonggi district. The place is stated for being well-served by primary expressways providing quick and easy access to Seoul and even Greater Seoul. A new expressway, that is anticipated to be completed by 2024, will include higher access to the building.
” Leveraging our team’s special offer sourcing along with implementation abilities and even substantial 20-year performance history, we secured this high-quality property at an attractive rate by means of an off-market exercise,” says Matthew Sohn, head of Korea for CLI. “We expect logistics supply to moderate significantly in the midterm provided rising building and construction expenses, campaign financing difficulties and also tighter project limitations. We see prospective in this asset as it has a key place in the north-western region of Anseong, an up-and-coming submarket that has actually attracted significant logistics business to establish base and also several global investment firms to get into in logistics investments.”
Since its kickoff in September 2021, COREF has bought assets in Australia, Japan and Singapore.
“Asia Pacific remains to gain from rapid urbanisation as well as robust business development. Since the start of COREF, we have developed a varied profile of 11 quality investments across 4 countries in Asia Pacific that provide clients eye-catching risk-adjusted profits. We will certainly continue to utilize our nation companies’ on-the-ground competence to expand our exclusive funds,” Treacy proceeds.
CapitaLand Open End Real Estate Fund (COREF), the front runner local core-plus fund of CapitaLand Investment (CLI) 9CI -0.93%, has recently obtained a freshly finished, Grade A logistics real property in South Korea for $112 million.
The procurement will certainly take COREF’s funds under management (FUM) to over $1 billion.
” This investment enhances COREF’s occurring profile of 10 workplace along with multifamily assets across Japan, Singapore and even Australia and diversifies the profile to the resilient South Korean logistics industry,” includes Simon Treacy, chief executive officer of private equity real estate at CLI. “Interest for top quality logistics centers in the country is durable and enhancing continuously on the rear of speeding up e-commerce growth that has actually caused the nation having one of the greatest ecommerce infiltration rates globally. The purchase likewise lines up with COREF’s major financial investment styles, such as capitalising on arising submarkets in the fund’s target established countries and the growing supremacy of shopping.”
