Global investment firm KKR announced that KKR-led consortium will sell BLK Pyeongtaek Logistics Center, a newly developed multi-tenant logistics facility located in Pyeongtaek Port, one of the largest ports in South Korea to Korean real estate asset manager Pebblestone Asset Management.
The logistics facility in Pyeongtaek Port, which was completed by the consortium in early 2019, has a gross floor area of approximately 136,500 square meters, making BLK Pyeongtaek Logistics Center one of the largest modern logistics assets in Pyeongtaek City as well as in the southern Gyeonggi province.
It services tenants including a major e-commerce retailer and various third-party logistics companies.
“The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully-integrated and technology-enabled warehousing facilities that can support greater volumes and faster delivery. We are proud of our work alongside our partners to complete the BLK Pyeongtaek Logistics Center, one of the country’s newest modern logistics facilities. This state-of-the-art warehouse will enable businesses all over the world to better reach their customers across Korea,” said John Pattar, Partner & Head of Asia Pacific Real Estate at KKR.
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“We are pleased to close this deal successfully on behalf of Korean institutional investors. BLK Pyeongtaek Logistics Center is a one-of-a kind facility strategically located in a fast-growing coastal city with easy access to major transportation routes. The center’s design features, including its cutting-edge cold and dry warehousing facilities, also make it a compelling option for companies across many industries. We look forward to supporting all of BLK Pyeongtaek Logistics’ existing and future tenants as they bring their unique products and goods to the Korean market. This is an excellent win-win transaction for both parties of KKR’s successful sale and stable income for the buyer,” said Terry Hwang, CEO and Managing Partner of Pebblestone Asset Management Korea.
KKR made its investment from its Asian Fund II. Further details of the transaction are not disclosed.