ESR KendallSquare REIT closes $400m follow-on equity offering

South Korea–based ESR KendallSquare REIT has sold 100 percent of its $400 million follow-on equity offering (97.2 percent through book building and 2.8 percent through pre-arranged block deals).

This marks the biggest follow-on offering for a listed REIT in South Korea in terms of offering size, demonstrating investors’ strong interest and confidence in the quality of the assets and the management track record of ESR KendallSquare REIT.

Sanghwoi Bae, CEO of KendallSquare REIT Management, said, “This marks a major milestone since our IPO in December 2020. As the only pure-play logistics and industrial REIT in Korea, our portfolio of prime assets provides public investors with a uniquely positioned platform to gain exposure to the logistics market in Korea, a major economy in APAC with one of the most impressive ecommerce growth rates in the world. With the completion of the follow-on offering, ESR KendallSquare REIT is poised to become Korea’s biggest listed REI