ESR Kendall Square REIT (365550 KS) has completed the acquisition of a modern logistics facility in the greater Seoul suburban market for $145 million (KRW 160 billion).
The asset, named Anseong Logistic Park (LP), was a committed dropdown asset planned for inclusion upon the company’s IPO last December. Anseong LP is currently 100 percent master-leased by Korean ecommerce player Coupang (CPNG US) and has a gross floor area of 94,875 square meters (1 million square feet).
Following its latest asset inclusion, ESR Kendall Square REIT’s total gross floor area has been boosted by 16 percent, reaching 684,095 square meters (7.4 million square feet).
