CBRE Global Investors has bought a seven-floor logistics building in South Korea from local developer Sunkyung E&C.

The $107.2bn global real asset investor acquired Logis Valley Ansan in Gyeonggi-do for an undisclosed sum.

CBRE GI bought the property through an unnamed fund.

The Logis Valley Ansan facility has a total gross floor area of 239,000sqm. Including the mezzanine floor facilities, the total usable area will be 365,000sqm.

The facility has secured leases for nearly 65% of the total leasable area and expects to reach full occupancy by the building’s completion in July.

CBRE GI entered the Korea market in 2011 when it acquired ING Real Estate.

In 2018, the manager signed a memorandum of understanding with Sunkyung for the development and acquisition of both on-shore and off-shore logistics facilities.