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GIC Buys Two Logistics Properties in South Korea

GIC to buy two logistics properties in South Korea. GIC will acquire Blocks A and B of Hwaseong Dongtan Logistics Complex in Gyeonggi Province, greater Seoul area, South Korea, through a real estate fund, for US570 million (KRW641 billion), from K-Eco Logis, a subsidiary of Halla Corp and the developer of the assets, the fund said in a statement. The real estate fund is managed by ADF Asset Management, an asset management company specialised in South Korea’s industrial sector.

Blocks A and B are two newly completed, prime-grade distribution centres that are part of Hwaseong Dongtan Logistics Complex. The complex is located 35 km from Seoul, with good access to the Seoul-Busan Expressway, the No. 1 artery expressway in South Korea.

Both blocks are fully leased by quality tenants with long-term leases, GIC said.

- APMR News

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