CapitaLand Investment Limited (CLI), through its flagship regional core-plus fund, CapitaLand Open End Real Estate Fund (Coref), has acquired a newly completed, Grade-A logistics property in South Korea for S$112 million (US$82.5 million).
The acquisition brings Coref’s funds under management to over S$1 billion. The property, Anseong Seongeun Logistics Centre, comprises two four-storey buildings with basement floors totalling 60,407 square metres of net leasable area.
The Anseong Seongeun Logistics Centre.
It is strategically located in the northwestern region of Anseong, an emerging logistics hub in the Gyeonggi province. It is well served by primary expressways providing easy access to Seoul and key population centres across Greater Seoul. Its proximity to a new expressway, which is expected to be completed in 2024, will further boost the property’s accessibility.
Since its inception in September 2021, Coref has invested in four office assets in Australia, Japan and Singapore. It has also expanded into the multi-family sector in Japan in April 2023 with the acquisition of six multi-family properties in Central Osaka, and is now further diversifying into the logistics sector in South Korea.
With the latest acquisition, CLI’s portfolio in Korea comprises five logistics assets, four office assets, and four data centres under development. Through CLI’s wholly owned lodging business unit The Ascott Limited and its lodging trust CapitaLand Ascott Trust, CLI also has 10 serviced residences and hotels with more than 2,700 units in Seoul, Busan, Cheongju, Incheon, Jeju, and Seongnam.