Blackstone Real Estate Partners has acquired through QUBE Industrial Asset Management funds a high-quality last-mile logistics portfolio in the Seoul Metropolitan Area.
The portfolio comprises two modern, grade A logistics centers spanning 1.3 million square feet in Gimpo and Namyangju, which are among greater Seoul’s most sought-after infill markets, according to the firm. Tenants include some of the largest local and global corporations in ecommerce and logistics.
“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 percent range. We are pleased to bring together our global expertise and scale in the sector, asset management capabilities and local insights to
