ESR KendallSquare REIT recaps logistics asset in South Korea with strong investment return

ESR KendallSquare REIT, part of the ESR Group, has announced the sale of its owned logistics center, Icheon LP 1, for 81 billion KRW ($63.54 million). The new owner was not disclosed.

This has resulted in a total return of 30 percent including dividends paid from the trust.

The property is situated at 452 Hoeok-ri, Majang-myeon, Icheon-si, Gyeonggi-do, and is a cutting-edge logistics center encompassing a total floor area of approximately 15,000 pyeong (49,587 square meters/533,748 square feet). The REIT initially acquired the asset for 66 billion KRW ($51.77 million) during its initial public offering in December 2020.

“We are proud that ESR KendallSquare REIT has achieved this milestone divestment to deliver significant returns for our investors. This will enable us to take advantage of increasingly mo