Global private equity firm Blackstone announced on the 28th that Blackstone Real Estate Partners has acquired two last-mile logistics centers in the Seoul metropolitan area through Cube Industrial Asset Management.

/Courtesy of Blackstone

The logistics centers acquired this time are Class A advanced facilities located in Gimpo and Namyangju, key areas in the Seoul metropolitan region. The total floor area of both sites amounts to approximately 1.3 million square feet (120,000㎡). The tenants include major corporations in the domestic and international e-commerce and logistics sectors.

Kim Tae-rae, head of Blackstone's Korea institutional sector, noted, "This investment is a good example of Blackstone's continued interest in the rapidly growing Korean logistics market," adding, "In particular, last-mile logistics centers in the Seoul metropolitan area have very limited new supply, while vacancy rates are low, at around 4%, making these assets highly attractive for investment."

Since establishing its Korea real estate investment team three years ago, Blackstone has been continuously expanding its presence in the domestic market. Last year, it added a large logistics center in Gimpo to its portfolio, and it plans to acquire an office building in Gangnam, Seoul, to transform it into a Select Service hotel in collaboration with Travelodge Asia. Additionally, it successfully sold Arcplace, which was transformed into a prime office building in downtown Seoul.

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