Blackstone said on Thursday it has acquired a majority interest in Sanha Logistics Park II, a dry storage logistics development in South Korea, through a primary share issuance, as it seeks to deepen its presence in the East Asian nation.
Singapore-based real-estate manager ESR will remain an investor in the project and continue to serve as development manager and asset manager through its South Korean platform, ESR Kendall Square, the companies said.
Sanha Logistics Park II, a storage development spanning 334,000 square meters, is currently under construction and is expected to be completed in 2028.
The total development cost of Sanha Logistics Park II is approximately 600 billion Korean won ($448.30 million), ESR told Reuters.
Blackstone did not specify the value of the stake.
The park is positioned along the Gyeongbu Expressway, Korea’s main highway corridor connecting Seoul and Busan, and is expected to support warehouse automation and other evolving supply chain requirements, the companies said.
“This investment deepens Blackstone‘s presence in Korea and reinforces logistics as our high conviction real estate theme globally,” said Chris Kim, head of Blackstone Real Estate-Korea.
Reuters
