CLI’s flagship regional fund acquires newly-completed Grade A logistics property in South Korea for $112 mil
Since its kickoff in September 2021, COREF has already bought possessions in Australia, Japan and Singapore.
“Asia Pacific continues to benefit from quick urbanisation as well as sturdy economical development. Ever since the start of COREF, we have actually developed a varied portfolio of 11 quality assets throughout four nations in Asia Pacific that offer capitalists attractive risk-adjusted profits. We will certainly remain to utilize our country teams’ on-the-ground expertise to grow our exclusive funds,” Treacy continues.
The purchase will certainly take COREF’s funds under management (FUM) to over $1 billion.
The property, Anseong Seoungeun Logistics Centre, consists of two four-storey buildings with cellar levels. The real property has a total of 60,407 sqm of net leasable location.
” This financial investment complements COREF’s presenting profile of 10 office together with multifamily assets across Japan, Singapore and even Australia and branches out the portfolio to the resilient South Korean logistics market,” adds Simon Treacy, CEO of private equity property at CLI. “Interest for top quality logistics centers in the nation is robust and enhancing continuously on the back of accelerating shopping progression that has caused the nation getting one of the highest ecommerce infiltration rates globally. The deal additionally aligns with COREF’s essential financial investment themes, such as capitalising on arising submarkets in the fund’s target created nations and the growing dominance of e-commerce.”
CapitaLand Open End Real Estate Fund (COREF), the flagship regional core-plus fund of CapitaLand Investment (CLI) 9CI -0.93%, has obtained a freshly finished, Grade A logistics real estate in South Korea for $112 million.
” Take advantage of our team’s special offer sourcing along with execution capacities and even considerable 20-year performance history, we protected this high-quality possession at an enticing rate by means of an off-market exercise,” says Matthew Sohn, head of Korea for CLI. “We expect logistics produce to moderate substantially in the midterm provided ascending building and construction costs, project financing challenges and also tighter project limitations. We see prospective in this asset as it has a prime area in the north-western region of Anseong, a promising submarket that has actually lured major logistics firms to develop base and also a number of global investment firms to get into in logistics properties.”
It is located in the north western region of Anseong, a developing logistics centre in the Gyeonggi state. The location is said as being well-served by primary expressways providing quick and easy accessibility to Seoul and Greater Seoul. A brand-new expressway, which is anticipated to be completed by 2024, will add better access to the real estate.