Blackstone Real Estate Partners has acquired a prime last-mile logistics portfolio in the Seoul Metropolitan Area, strengthening its investment position in South Korea through QUBE Industrial Asset Management funds.
This portfolio comprises two modern Grade A logistics centers in Gimpo and Namyangju, totaling 1.3 million square feet, situated in key markets of Greater Seoul and serving major e-commerce and logistics companies.
This move reflects Blackstone’s active strategy in the Korean real estate market, reinforced by the establishment of its dedicated team three years ago. Last year, the firm completed three key transactions, including an investment in a large logistics asset in Gimpo, the purchase of an office building in Gangnam for conversion into a Travelodge Asia hotel, and the successful sale of Arc Place, which was transformed into a premier office building.
KEY QUOTE:
“This is a continuation of our commitment to investing in prime Korean assets in fast-growing sectors. Logistics is one of our highest conviction investment themes in real estate globally and a focus for us in South Korea, particularly in the Seoul Metropolitan Area where last-mile new supply remains extremely limited and vacancy for such assets is at a low 4% range. We are pleased to bring together our global expertise and scale in the sector, asset management capabilities, and local insights, to continue to grow the platform for long-term success.”
Chris Kim, Head of Blackstone Real Estate – Korea
