CLI’s flagship regional fund acquires newly-completed Grade A logistics property in South Korea for $112 mil
The real estate, Anseong Seoungeun Logistics Centre, makes up two four-storey buildings with cellar floors. The real property has a total amount of 60,407 sqm of net leasable area.
It is located in the north western region of Anseong, an emerging logistics centre in the Gyeonggi district. The area is stated as being well-served by primary expressways providing convenient accessibility to Seoul and even Greater Seoul. A new expressway, that is expected to be completed by 2024, will add greater accessibility to the property.
Ever since its creation in September 2021, COREF has bought properties in Australia, Japan and even Singapore.
The acquisition will bring COREF’s funds under management (FUM) to over $1 billion.
CapitaLand Open End Real Estate Fund (COREF), the flagship local core-plus fund of CapitaLand Investment (CLI) 9CI -0.93%, has already acquired a freshly completed, Grade A logistics real property in South Korea for $112 million.
“Asia Pacific continues to gain from quick urbanisation as well as robust economic growth. Since the launch of COREF, we have developed a varied portfolio of 11 high quality investments across four nations in Asia Pacific that provide capitalists eye-catching risk-adjusted gains. We will certainly remain to take advantage of our nation organizations’ on-the-ground competence to expand our confidential funds,” Treacy continues.
” Leveraging our team’s deal sourcing along with execution abilities plus substantial 20-year record, we protected this premium possession at an attractive rate by means of an off-market exercise,” claims Matthew Sohn, head of Korea for CLI. “We anticipate logistics produce to moderate substantially in the midterm given ascending construction costs, campaign funding difficulties and tighter property development restrictions. We see possible in this possession as it has a key place in the north-western region of Anseong, an up-and-coming submarket that has actually attracted significant logistics companies to set up base along with a number of global investment firms to invest in logistics properties.”
” This financial investment matches COREF’s occurring portfolio of 10 office along with multifamily assets throughout Japan, Singapore including Australia and expands the portfolio to the durable South Korean logistics industry,” includes Simon Treacy, chief executive officer of private equity realty at CLI. “Demand for top quality logistics centers in the country is robust and boosting steadily on the back of increasing ecommerce buildup that has actually led to the country getting among the greatest ecommerce infiltration rates internationally. The purchase additionally lines up with COREF’s key financial investment themes, which include capitalising on arising submarkets in the fund’s target created countries and the growing supremacy of ecommerce.”
