The Asia Pacific Cities Fund (APCF), managed by Nuveen Real Estate, has recently acquired a new 24,400-square-meter (263,000-square-foot) last-mile logistics facility in the Greater Seoul area.
“South Korea ranks as one of the most connected and technology-driven markets in Asia Pacific, with an online penetration rate of 90 percent,” commented Louise Kavanagh, managing director Asia Pacific, Nuveen Real Estate. “However, in contrast, less than 5 percent of its logistics stock is considered modern by global standards.
“We anticipate that the rapid expansion of e-commerce and associated third-party logistics demand in Asia Pacific, and particularly South Korea, will underpin structural resilience in the sector,” added Kavanagh.
The acquisition of the asset in Namyangju City, 20 kilometers (12 miles) northeast of the Seoul CBD, represents the second purchase for the open-ended fund and Nuveen Real Estate’s first acquisition in Korea. Completed in June
