CLI’s flagship regional fund acquires newly-completed Grade A logistics property in South Korea for $112 mil

The commercial property, Anseong Seoungeun Logistics Centre, makes up two four-storey buildings with basement grounds. The real property has an overall of 60,407 sqm of net leasable area.

The procurement will carry COREF’s funds under management (FUM) to more than $1 billion.

“Asia Pacific remains to take advantage of rapid urbanisation and also robust economic growth. Ever since the release of COREF, we have actually built a diversified profile of 11 quality assets throughout 4 countries in Asia Pacific that give investors appealing risk-adjusted returns. We will certainly remain to leverage our nation organizations’ on-the-ground experience to expand our exclusive funds,” Treacy continues.

” Take advantage of our team’s offer sourcing along with execution capacities and even substantial 20-year record, we secured this premium possession at an enticing price via an off-market exercise,” states Matthew Sohn, head of Korea for CLI. “We assume logistics produce to moderate extensively in the midterm provided rising building and construction expenses, project funding difficulties and tighter development restrictions. We see prospective in this property as it has a top area in the north-western area of Anseong, a promising submarket that has actually lured significant logistics business to set up base and several global investment firms to invest in logistics properties.”

Ever since its creation in September 2021, COREF has bought properties in Australia, Japan and Singapore.

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It lies in the north western area of Anseong, a developing logistics centre in the Gyeonggi state. The place is said as being well-served by primary expressways providing easy accessibility to Seoul and Greater Seoul. A brand-new expressway, which is expected to be finished by 2024, will include better access to the real estate.

” This financial investment matches COREF’s occurring portfolio of 10 office together with multifamily assets throughout Japan, Singapore and Australia and diversifies the profile to the resilient South Korean logistics market,” adds Simon Treacy, chief executive officer of exclusive equity realty at CLI. “Interest for high quality logistics facilities in the nation is durable and enhancing continuously on the rear of speeding up e-commerce buildup that has resulted in the nation getting among the highest possible ecommerce infiltration rates worldwide. The transaction likewise lines up with COREF’s vital investment motifs, such as capitalising on emerging submarkets in the fund’s target created countries and the growing dominance of shopping.”

CapitaLand Open End Real Estate Fund (COREF), the front runner regional core-plus fund of CapitaLand Investment (CLI) 9CI -0.93%, has recently gotten a newly finished, Grade A logistics real estate in South Korea for $112 million.

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