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GIC announced on Wednesday (19 Dec) that it will acquire two blocks in the Hwaseong Dongtan Logistics Complex in Gyeonggi Province, South Korea via a real estate fund for US$570 million (S$782 million).
Blocks A and B are owned by K-Eco Logis, a subsidiary of Halla Corp and the developer of the assets.
The real estate fund is managed by ADF Asset Management, an asset management company that specialises in South Korea’s industrial sector.
“Blocks A and B are two newly completed, prime-grade distribution centres that are part of the Hwaseong Dongtan Logistics Complex,” noted the sovereign wealth fund, adding that both centres are fully leased to quality tenants with long-term leases.
GIC noted that the investment is in line with its “strategy to own assets with long-term earning potential at reasonable prices and with due regard to risk”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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