ESR’s South Korean arm has sold a fully leased 44,600sqm data and logistics centre for an undisclosed amount.
ESR Kendall Square (ESRKS) has completed the sale of Ilsan Distribution Centre, an asset located within the infill west market in Goyang leased to SK Broadband.
The asset was managed by ESRKS Korea Income JV, a Canada Pension Plan Investment Board-backed fund established in 2018 to capitalise on value-add opportunities in Korea’s real estate market.
Jeffrey Shen and Stuart Gibson, ESR group co-founders and co-CEOs, said: “The surge in demand for AI-driven technologies and cloud services has intensified the need for data centres capable of processing vast amounts of information. This deal has highlighted our asset enhancement expertise to convert part of a logistics asset for data centre usage and increase its value.”
Thomas Nam, CEO, ESR Korea, said: “In the current market, we are seeing capital being very strategic, and we are proud of our team’s expertise in executing this transaction.
“The divestment will enable us to take advantage of other attractive opportunities in Korea and further build on the strength of our platform to deliver long-term sustainable growth.”
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