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 2 four-storey buildings with cellar floors. The real property has a total amount of 60,407 sqm of net leasable location.
The acquisition will certainly bring COREF’s funds under management (FUM) to over $1 billion.
Since its kickoff in September 2021, COREF has already invested in properties in Australia, Japan and even Singapore.
” Take advantage of our team’s special offer sourcing along with implementation capacities and even comprehensive 20-year track record, we obtained this excellent possession at an appealing rate via an off-market exercise,” states Matthew Sohn, head of Korea for CLI. “We anticipate logistics produce to moderate significantly in the midterm given increasing construction prices, assignment funding demands as well as tighter property development regulations. We see possible in this asset as it has a top place in the north-western area of Anseong, an up-and-coming submarket that has lured major logistics business to set up base and also a number of global investment firms to buy into in logistics investments.”
” This investment complements COREF’s existing profile of 10 office along with multifamily assets across Japan, Singapore and even Australia and expands the portfolio to the resistant South Korean logistics sector,” adds Simon Treacy, chief executive officer of nonpublic equity property at CLI. “Interest for top quality logistics centers in the nation is durable and enhancing continuously on the rear of accelerating shopping growth that has actually caused the country getting among the greatest ecommerce infiltration rates internationally. The transaction also aligns with COREF’s essential investment motifs, which include capitalising on arising submarkets in the fund’s target created nations and the expanding supremacy of ecommerce.”
CapitaLand Open End Real Estate Fund (COREF), the front runner local core-plus fund of CapitaLand Investment (CLI) 9CI -0.93%, has gotten a recently finished, Grade A logistics real property in South Korea for $112 million.
It lies in the north western region of Anseong, an emerging logistics centre in the Gyeonggi province. The place is said for being well-served by main expressways providing quick and easy access to Seoul and Greater Seoul. A new expressway, that is anticipated to be completed by 2024, will include greater availability to the building.
“Asia Pacific remains to gain from rapid urbanisation and also sturdy business development. Ever since the start of COREF, we have constructed a varied profile of 11 top quality investments throughout four countries in Asia Pacific that give clients attractive risk-adjusted profits. We will certainly continue to utilize our country teams’ on-the-ground experience to grow our private funds,” Treacy proceeds.