Brookfield Asset Management has completed the sale of Cheongna Logistics Center, a high-quality logistics facility located in Incheon, in what is the largest single-asset logistics transaction in South Korea to date. Additional financial terms were not disclosed. KKR acquired the centre through its affiliated Korean asset manager, Kreate Asset Management, which will manage and operate the property. KKR will support value creation strategies and help maintain the high quality of the asset.
Completed in 2022, Cheongna Logistics Center is a large-scale, modern 4.6 million-square-foot (427,354-square-metre) logistics facility that stands out for its strategic location and strong connectivity to major transportation hubs within the Greater Seoul metropolitan area. Modern logistics facilities play an increasingly critical role in supporting South Korea’s rapidly evolving, ecommerce-driven economy as demand for large, high-specification warehouses that can support sophisticated
