M&G Real Estate has acquired two logistics assets for $211m (€182m) for its $3.2bn core Asia portfolio.
M&G Real Estate Asia said it has acquired Homeplus Hub Logistics Centre in South Korea for $136m, its first logistics acquisition in the country, and Higashi Ogijima Logistics Centre in Japan for $75m.
Homeplus is a fully leased prime distribution facility located in Ansung City. Higashi Ogijima, which is located in Kawasaki Port in Greater Tokyo, is fully multi-let to two logistics tenants.
Richard van den Berg, fund manager for M&G Real Estate’s core Asia property strategy said: “We are pleased to expand our logistics portfolio with our first acquisition in South Korea, and second in Japan.”
”Together with our other seven logistics properties in Singapore, Hong Kong and Australia, including one under development in Japan, we now have industry coverage across all of the countries in which we invest, consistent with our commitment to progressively increase our allocation to this sector for its long-term income and growth characteristics,” the fund manager said.
M&G’s core Asia property strategy has increased over the past few years and has over $3.2bn in assets as of 30 June 2017.
The open-ended institutional property fund solely invests in Asia Pacific with 27 investments across Australia, Hong Kong, Japan, Singapore and South Korea.