Asia Digest: Korea’s ESR Kendall, PGIM Real Estate acquire logistics assets 

Seoul skyline. Photo: Pixabay.

Editor’s note: An earlier version of this story inadvertently mentioned that PGIM Real Estate and New Ease China will invest $23 million to acquire the logistics assets. The figure has been corrected.  

ESR Kendall Square REIT and New York-based PGIM Real Estate have struck deals to acquire logistics assets.

ESR Kendall acquires logistics facility for $145m

Korea’s industrial real estate investment trust, ESR Kendall Square REIT, has completed the acquisition of a modern logistics facility in the greater Seoul suburban market for $145 million, according to an announcement.

The asset, Anseong Logistic Park, was a committed dropdown asset planned for inclusion upon the company’s IPO last December.

The asset is currently 100% master-leased by Korea’s leading e-commerce player Coupang with a 4.5-year WALE (weighted average lease expiry), and GFA (gross floor area) of 94,875 sqm.

PGIM Real Estate to acquire Chinese logistics assets

New York-based PGIM Real Estate will invest $323 million along with its partner New Ease China to acquire logistics assets in Nanjing, Shanghai and Langfang, South China Morning Post reported.

In the first transaction, PGIM acquired a warehouse complex comprising 10 high-quality ambient single-story warehouses in Nanjing. New Ease China, which owns the property, will co-own and manage it.

The second transaction involves acquiring and developing high-quality ambient warehouses in Shanghai and Langfang in partnership with New Ease China.

PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc.

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.