ESR Kendall Square REIT has raised US$400m (€354.4m) in what it called a “follow-on offering”, a year after it was first listed on the Korea Stock Exchange.
ESR Kendall Square, the only pure-play logistics and industrial vehicle in Korea, said this was the biggest follow-on offering for a listed REIT in Korea in terms of offering size.
Sanghwoi Bae, CEO of KendallSquare REIT Management, said: “With completion of the follow-on offering, ESR Kendall Square REIT is poised to become Korea’s biggest listed REIT in terms of market capitalisation and asset size.”
ESR Kendall Square has a portfolio of 18 logistics assets valued at US$2.2bn.
Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, said: “Korea is a core strategic market of ESR where we continue to see great potential and prospects driven by strong e-commerce and a limited supply of prime institutional-grade logistics assets.
“The ESR Kendall Square REIT is a great example of the continued financialisation of real estate in APAC.
“We are seeing the emergence of a large and thriving REIT sector, accelerated by new REIT legislation in various key markets across the region, including in Korea.”
To read the digital edition of the latest IPE Real Assets magazine click here.