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.