Manulife Investment Management and Logos have expanded their relationship with a new logistics investment venture in South Korea.

Manulife Asia and Logos have created the Logos Korea Core Venture (LKCV) and seeded the venture with Logos Siheung Logistics Centre, a $200m (€200m) development project located on the outskirts of Seoul.

The 100,000sqm complex in the Banwol-Siwha National Industrial Complex of Gyeonggi Province is due for completion in early 2024.

The latest partnership extends the pair’s existing relationship which was first set up in August 2020 to invest in Vietnam.

Gerald Posthuma, Manulife’s chief investment officer of Asia general account investments, and Jessie Liu, managing director and head of Asia real estate transactions, said Korea was a key market in the APAC region, and that modern warehouses and distribution centres continued to benefit from the country’s advanced and growing e-commerce sector.

Trent Iliffe, Logos’ managing director and co-CEO, said he looked forward to Logos delivering on “the many opportunities” through this new partnership with Manulife.

Logos’ head of Korea, Sung Park, said: “Acquisition of the Logos Siheung Logistics Centre property is a rare opportunity to acquire a significantly de-risked, institutional-grade asset in the supply-constrained Seoul Capital Area.”

Early this year, Logos established a $1.3bn development venture in South Korea with Dutch fund manager Bouwinvest and two other existing institutional investors.

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