KKR sells South Korean logistics facility to Pebblestone
KKR announced that South Korean real estate asset manager Pebblestone Asset Management will buy the BLK Pyeongtaek Logistics Center that it helped build and develop through an investor consortium.
KKR made its investment from its Asian Fund II. Further details of the transaction were not disclosed at the time.
KKR takes a flexible approach to real estate investment in Asia Pacific across traditional value-add real estate opportunities, corporate and platform investments, and special situations. The alternative investment firm pairs the capabilities of its local teams in Asia Pacific with the firm’s industry and operational expertise to add value. KKR has committed more than $1.4 billion of equity in its pan-regional real estate strategy as of December 31.
John Pattar, partner and head of Asia Pacific real estate at KKR, said: “The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully-integrated and technology-enabled warehousing facilities that can support greater volumes and faster delivery. We are proud of our work alongside our partners to complete the BLK Pyeongtaek Logistics Center, one of the country’s newest modern logistics facilities. This state-of-the-art warehouse will enable businesses all over the world to better reach their customers across Korea.”
BLK Pyeongtaek Logistics Center is a newly developed multi-tenant modern logistics facility located in Pyeongtaek Port, which is one of the largest ports in South Korea. The facility was constructed on 2019 and is one of the largest modern logistics assists in the province with a gross floor area of approximately 136,500 square meters (roughly 1.5 million square feet). It serves tenants including a major e-commerce retailer and various third-party logistics companies.
Terry Hwang, CEO and Managing Partner of Pebblestone Asset Management Korea, said: “We look forward to supporting all of BLK Pyeongtaek Logistics’ existing and future tenants as they bring their unique products and goods to the Korean market. This is an excellent win-win transaction for both parties of KKR’s successful sale and stable income for the buyer.”
