Blackstone invests in major logistics center with ESR
Blackstone, a New York-based asset management firm, has teamed up with ESR to invest in a major logistics center development project in the Seoul metropolitan area, the company said Thursday. The move highlights Blackstone’s growing focus on logistics real estate as a key investment market in Korea. The firm said funds managed by Blackstone Real Estate Partners have invested in a majority…
New York-based asset management firm Blackstone has partnered with ESR to invest in a large-scale logistics center project in the Seoul metropolitan area, according to a statement released on Thursday. This development underscores Blackstone's increasing interest in logistics real estate as a significant investment market in Korea.
The investment is made through Blackstone Real Estate Partners, which has acquired a majority stake in Sanha Logistics Park II, a key dry-storage logistics development in Anseong, Gyeonggi Province. This acquisition is facilitated through a primary share issuance. ESR maintains its investment in the project and will continue to manage its development and asset management through ESR Kendall Square, its local platform in Korea.
The construction of Sanha Logistics Park II, which spans 334,000 square meters, is currently underway and is expected to be completed by 2028. Positioned along the Gyeongbu Expressway, a major transportation route connecting Seoul and Busan, the logistics facility is situated in a highly developed industrial and distribution area that houses operations of major Korean conglomerates. The project is being developed with substantial potential.
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- Blackstone invests in major logistics center with ESR koreatimes.co.kr
