APG has plans to invest $400 million in South Korea’s first perpetual, open-ended logistics core fund.
The investment is part of the Strategic Real Estate pool, in which APG’s pension-fund clients ABP, SPW and PPF participate. The allotted amount exceeding $400 million is rolled over from a joint-venture platform that was established by APG, CPPIB and ESR in 2015 and focused on developing modern class-A logistics facilities in South Korea. The portfolio includes seven seed assets that are developed and managed by ESR Kendall Square and are located in the Greater Seoul and Greater Busan areas.
“With this pool we aim to invest in projects that touch upon the five megatrends,” said Brian Hung, director of private real estate Asia Pacific at APG. “This particular investment in South Korea reflects a number of the megatrends, including: continued urbanization, technological advancement and demographic and social changes. For instance, the ecommerce market in South
