The acquisition will bring COREF’s funds under management (FUM) to over $1 billion.

The property, Anseong Seoungeun Logistics Centre, comprises two four-storey buildings with basement floors. The property has a total of 60,407 sqm of net leasable area.

It is located in the north western region of Anseong, an emerging logistics hub in the Gyeonggi province. The location is said to be well-served by primary expressways providing easy access to Seoul and Greater Seoul. A new expressway, which is expected to be completed by 2024, will add greater accessibility to the property.

“Leveraging our team’s deal sourcing and execution capabilities and extensive 20-year track record, we secured this high-quality asset at an attractive price through an off-market exercise,” says Matthew Sohn, head of Korea for CLI. “We expect logistics supply to moderate significantly in the midterm given rising construction costs, project financing challenges and tighter development restrictions. We see potential in this asset as it has a prime location in the north-western region of Anseong, an up-and-coming submarket that has attracted major logistics companies to set up base and several global investment firms to invest in logistics assets.”

“This investment complements COREF’s existing portfolio of 10 office and multifamily assets across Japan, Singapore and Australia and diversifies the portfolio to the resilient South Korean logistics sector,” adds Simon Treacy, CEO of private equity real estate at CLI. “Demand for quality logistics facilities in the country is robust and increasing steadily on the back of accelerating e-commerce growth that has resulted in the country having one of the highest ecommerce penetration rates globally. The transaction also aligns with COREF’s key investment themes, which include capitalising on emerging submarkets in the fund’s target developed countries and the growing dominance of e-commerce.”

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/property/mapletree-gets-approval-build-interim-ferry-and-cruise-terminal-harbourfront-st?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Mapletree gets approval to build interim ferry and cruise terminal at Harbourfront: ST</a></b></span>

“Asia Pacific continues to benefit from rapid urbanisation and robust economic growth. Since the launch of COREF, we have built a diversified portfolio of 11 quality assets across four countries in Asia Pacific that offer investors attractive risk-adjusted returns. We will continue to leverage our country teams’ on-the-ground expertise to grow our private funds,” Treacy continues.

Since its inception in September 2021, COREF has invested in assets in Australia, Japan and Singapore.

Shares in CLI closed 6 cents higher or 1.90% up at $3.22 on Sept 15.

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