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 2 four-storey structures with cellar levels. The property has an overall of 60,407 sqm of net leasable area.
The acquisition will certainly take COREF’s funds under management (FUM) to more than $1 billion.
It lies in the north western region of Anseong, an emerging logistics hub in the Gyeonggi province. The place is stated as being well-served by primary expressways providing easy access to Seoul and Greater Seoul. A new expressway, that is anticipated to be finished by 2024, will certainly include better availability to the building.
CapitaLand Open End Real Estate Fund (COREF), the front runner regional core-plus fund of CapitaLand Investment (CLI) 9CI -0.93%, has recently gotten a freshly completed, Grade A logistics property in South Korea for $112 million.
“Asia Pacific remains to gain from rapid urbanisation and also strong business development. Since the launch of COREF, we have indeed constructed a varied profile of 11 high quality investments throughout 4 nations in Asia Pacific that provide investors attractive risk-adjusted profits. We will remain to leverage our nation organizations’ on-the-ground proficiency to expand our exclusive funds,” Treacy proceeds.
” Take advantage of our team’s offer sourcing and execution abilities and even comprehensive 20-year record, we secured this premium possession at an attractive rate via an off-market exercise,” claims Matthew Sohn, head of Korea for CLI. “We assume logistics produce to moderate significantly in the midterm provided rising building prices, project financing challenges and also tighter project regulations. We see prospective in this possession as it has a prime place in the north-western area of Anseong, an up-and-coming submarket that has actually lured major logistics business to set up base along with several global investment company to get into in logistics investments.”
Since its inception in September 2021, COREF has purchased properties in Australia, Japan including Singapore.
” This investment enhances COREF’s occurring profile of 10 office along with multifamily properties throughout Japan, Singapore and Australia and expands the portfolio to the durable South Korean logistics market,” includes Simon Treacy, chief executive officer of nonpublic equity real estate at CLI. “Interest for high quality logistics facilities in the country is durable and enhancing continuously on the back of increasing shopping progression that has led to the country getting one of the highest ecommerce infiltration prices internationally. The purchase likewise aligns with COREF’s vital financial investment motifs, which include capitalising on arising submarkets in the fund’s target created nations and the growing prominence of e-commerce.”
