CLI’s flagship regional fund acquires newly-completed Grade A logistics property in South Korea for $112 mil

The commercial property, Anseong Seoungeun Logistics Centre, makes up two four-storey structures with basement floors. The real property has an overall of 60,407 sqm of net leasable location.

“Asia Pacific remains to take advantage of rapid urbanisation and strong economic development. Since the launch of COREF, we have developed a diversified profile of 11 top quality investments throughout 4 countries in Asia Pacific that offer capitalists attractive risk-adjusted profits. We will remain to utilize our nation companies’ on-the-ground knowledge to grow our exclusive funds,” Treacy proceeds.

Ever since its creation in September 2021, COREF has purchased possessions in Australia, Japan and even Singapore.

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” This investment complements COREF’s existing profile of 10 office along with multifamily assets across Japan, Singapore including Australia and branches out the portfolio to the durable South Korean logistics market,” adds Simon Treacy, chief executive officer of private equity property at CLI. “Need for quality logistics facilities in the country is robust and increasing progressively on the rear of increasing shopping growth that has actually caused the nation getting among the greatest ecommerce penetration rates globally. The transaction likewise coordinates with COREF’s major investment themes, like capitalising on emerging submarkets in the fund’s target created nations and the growing dominance of e-commerce.”

” Take advantage of our team’s deal sourcing along with implementation capacities and extensive 20-year track record, we obtained 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 produce to moderate extensively in the midterm provided rising building prices, campaign financing difficulties as well as tighter project constraints. We see prospective in this possession as it has a top place in the north-western area of Anseong, an up-and-coming submarket that has attracted significant logistics business to set up base and also numerous global investment firms to buy into in logistics properties.”

The procurement will take COREF’s funds under management (FUM) to over $1 billion.

It lies in the north western area of Anseong, an emerging logistics centre in the Gyeonggi state. The area is said for being well-served by primary expressways providing easy access to Seoul and Greater Seoul. A brand-new expressway, which is anticipated to be completed by 2024, will add higher availability to the property.

CapitaLand Open End Real Estate Fund (COREF), the flagship local core-plus fund of CapitaLand Investment (CLI) 9CI -0.93%, has already acquired a newly completed, Grade A logistics real property in South Korea for $112 million.

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