ESR Kendall Square REIT pays $94m for logistics asset
ESR Kendall Square REIT has acquired the recently completed mixed-use logistics facility for $94.2 million.
Yongin BRIC, the 12th asset of the REIT’s portfolio, is located in the established logistics hub of the broader Yongin area of Seoul GBD (Gangnam Business District). ESR Kendall Square REIT is already operating three other projects within the Yongin logistics hub, forming a cluster of modern distribution centers and warehouses to support tenants around this gateway area. The newly added asset is 100 percent leased and fully stabilized with reputable global tenants.
With a gross floor area (GFA) of 43,045 square meters (tk square feet), the asset is a dry- and cold-storage mixed warehouse that stands four stories tall with two basement floors.
“We are proud to show our investors that the REIT’s investment team provides excellent execution capacity in sourcing market-proven assets like ‘Yongin BRIC’ with competi