Germany-based real estate investment manager Union Investment has entered the Asia Pacific logistics real estate market with the acquisition of West Anseong Logistics Center in South Korea.
The acquisition is being made on behalf of open-ended real estate fund Unilmmo: Global, the company said.
The vendor is KB Asset Management, the asset management arm of the KB Financial Group, Korea’s largest financial group.
Constructed in 2017, the West Anseong Logistics Center is a Grade A dry storage facility with four upper storeys, two basement levels and 184 parking spaces. It offers a total Gross Floor Area of about 55,400 sqm and is fully let to a domestic Korean logistics company Chun-Ahn Logistics Co., Ltd.
“The logistics facility has been acquired as part of our strategy for international expansion. Our overseas real estate holdings are set to grow significantly because global investments are an important element in diversifying our portfolio and providing protection against future crises,” said Henrike Waldburg, Head of Investment Management Global at Union Investment Real Estate GmbH.
“Approximately an hour by car from Seoul, West Anseong Logistics Center is strategically located next to National Route 45, which provides direct access to two main expressways connecting Seoul, Busan and the major cities in Greater Seoul. These expressways also connect to key air and sea ports to the west of the industrial park and to the south-eastern region of Gyeonggi-do”, said Eric Cheah, Head of Investment Management Asia-Pacific at Union Investment Real Estate GmbH.