ESR’s South Korean platform, ESR Kendall Square, has sold a logistics park near Seoul to a fund managed by Samsung SRA Asset Management and backed by Korea’s National Pension Service (NPS) for KRW343bn (€210m).
The asset is located in a free economic zone near Pyeongtaek port, which is a primary distribution for the surrounding electronics and automotive industries.
It was developed by ESR’s second development joint venture, ESR-KS II, in Korea with investments from Dutch pension manager APG and Canada Pension Plan Investment Board.
ESR said: “The transaction reflects the strong value created through ESR’s proactive asset management approach and underscores the market appeal of the asset, supported by its underlying fundamentals and high-quality specifications.”
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