COMMERCIAL PROPERTY | Staff Reporter, Singapore

GIC buys two South Korea distribution centres for $780.62m

The centres are newly completed, prime-grade developments near Seoul.

GIC is set to acquire blocks A and B of the Hwaseong Dongtan Logistics complex in Gyeonggi Province, Greater Seoul Area, South Korea through a real estate fund for $780.62m (US$570m), an announcement revealed.

It will purchase the centres from real estate development services provider K-Eco Logis Co. which is a subsidiary of construction engineering company Halla Corp and the developer of the assets.

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The real estate fund will be managed by ADF Asset Management Co. which is an asset management company specialised in South Korea’s industrial sector, GIC noted.

According to the statement, blocks A and B are two newly completed, prime-grade distribution centres that are part of Hwaseong Dongtan Logistics complex. The complex is located 35 km from Seoul with good access to the Seoul-Busan expressway. Both blocks were also revealed as fully leased by quality tenants with long-term leases.

“This investment is in line with GIC’s strategy to own assets with long-term earning potential at reasonable prices and with due regard to risk,” the sovereign wealth fund said in a statement.

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