Korean real estate asset manager buys Pyeongtaek Logistics Center

Korean real estate asset manager Pebblestone Asset Management will acquire BLK Pyeongtaek Logistics Center in South Korea from a KKR-led consortium.

BLK Pyeongtaek Logistics Center is a newly developed multitenant modern logistics facility located in Pyeongtaek Port, one of the largest ports in South Korea. The facility, which was completed by the consortium in early 2019, has a gross floor area of approximately 136,500 square meters (1.5 million square feet), making BLK Pyeongtaek Logistics Center one of the largest modern logistics assets in Pyeongtaek City as well as in the southern Gyeonggi province. It services tenants including a major e-commerce retailer and various third-party logistics companies.

John Pattar, partner and head of Asia Pacific real estate at KKR, said, “The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully integrated and technology-enabled warehousing facilities that can support gr