Blackstone Real Estate Partners has acquired a majority interest in Sanha Logistics Park II, a large dry-storage logistics development in South Korea’s Seoul Metropolitan Area, through a primary share issuance.
ESR will remain an investor and continue serving as development manager and asset manager through ESR Kendall Square, its South Korean platform. Financial terms of the investment were not disclosed.
Sanha Logistics Park II spans approximately 334,000 square meters and is currently under construction, with completion expected in 2028.
The property is positioned along the Gyeongbu Expressway, the primary highway corridor connecting Seoul and Busan, within a major distribution and manufacturing hub. The facility is being designed with significant power capacity to support advanced warehouse automation and increasingly complex supply-chain requirements from third-party logistics providers, e-commerce companies and retailers.
The transaction represents Blackstone’s third logistics investment in South Korea and its fifth investment announcement in the country across its businesses during the past 14 months.
Blackstone manages more than $1.3 trillion in assets, while ESR operates a real asset platform focused primarily on logistics real estate and data centers across Asia-Pacific and other markets.
KEY QUOTES:
Chris Kim, Head of Blackstone Real Estate – Korea, said, “This investment deepens Blackstone’s presence in Korea and reinforces logistics as our high conviction real estate theme globally. Korea is a dynamic logistics market, underpinned by its leadership in e-commerce, advanced manufacturing, and AI-related industries. We’re pleased to partner with ESR to support the delivery of high-quality, modern Grade A logistics infrastructure that addresses the evolving needs of customers and contributes to Korea’s next phase of economic growth.”
Chris Kim, Head of Blackstone Real Estate – Korea
Sunwoo Thomas Nam, CEO of ESR Kendall Square, added, “We are delighted to collaborate with Blackstone on Sanha Logistics Park II. This investment reflects our shared confidence in the long-term fundamentals of South Korea’s logistics sector. Upon completion, Sanha Logistics Park II will be a landmark logistics asset in Greater Seoul, designed to support growing automation and increasingly sophisticated supply chain requirements. By combining Blackstone’s global platform and expertise with our local development and management experience and capabilities, we look forward to delivering a premier asset that meets evolving customer needs.”
Sunwoo Thomas Nam, CEO of ESR Kendall Square
