Nuveen acquires last-mile logistics asset in South Korea

Nuveen Real Estate has paid $122 million for a 84,300-square-meter (907,000-square-foot) last-mile logistics asset in the Greater Seoul area.

The deal was made on behalf of Nuveen’s Asia Pacific Cities strategy and was sourced off-market through Nuveen’s Seoul-based partner Sang Investments.

“South Korea is one of the biggest e-commerce markets globally, and the sector has seen a further expansion due to COVID-19,” said Louise Kavanagh, managing director Asia Pacific, Nuveen Real Estate. “This in turn facilitates greater demand for third-party modern logistics in South Korea.”

She added: “We see an opportunity in ‘last-mile’ delivery, particularly in the Greater Seoul area where the southern population is under-served.”

The seven-story facility is located in the Uiwang Techno Park complex, a government-driven project for industrial and logistics use, and is situated 20-minutes south of Gangnam, Seoul’s second-largest business distric