GIC commits $130m to logistics
GIC has invested in a real estate fund that has acquired the newly built Hyundai Logistics Distribution Center in Incheon, South Korea, for $130 million from LogisKoel, the developer of the asset. The real estate fund is managed by ADF Asset Management Co., an asset management company specializing in South Korea’s logistics sector.
Hyundai Logistics Distribution Center totals 1.37 million square feet. It is the largest part of LogisValley Incheon, the second largest industrial park in Incheon City and the home of several multinational retailers’ and distributors’ national logistics centers. Completed in late April 2016, the center is fully master-leased to Hyundai Logistics, a top-tier third-party logistics and parcel delivery company in Korea.
GIC has been internationally active in global property markets. Singapore’s sovereign wealth fund is in talks to acquire