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KKR and Kreate Asset Management have completed the acquisition of the Cheongna Logistics Center in Incheon, described as South Korea's largest single-asset logistics deal. While the firms did not disclose financial terms, sources said the asset was valued at over 1 trillion won, or about USD 696 million, including debt. The 4.6-million-square-foot facility, completed in 2022, is fully leased and located in the Greater Seoul area. The deal strengthens KKR's growing logistics presence in South Korea and across Asia.
Global investment firm KKR and its affiliated Korean asset manager, Kreate Asset Management, have completed the acquisition of the Cheongna Logistics Center, marking what they described as South Korea's largest single-asset logistics transaction. The companies confirmed the completion earlier this week but did not disclose the financial details of the deal. Advertisement
People familiar with the transaction indicated that the Incheon-based logistics asset was valued at slightly over 1 trillion won, or about USD 696 million, including debt. The individuals requested anonymity as the information was not public. Brookfield Asset Management, which sold the asset to the KKR-led consortium, did not respond to requests for comment.
The Cheongna Logistics Center spans around 4.6 million square feet and was completed in 2022. The facility is fully leased and located within the Greater Seoul metropolitan area, making it a key asset in one of the country's most active logistics corridors. KKR stated that the property's scale and location were central to its investment rationale.
The acquisition was executed through funds managed by KKR and Kreate. Following the transaction, Kreate has taken over the management and day-to-day operations of the logistics centre. Reports in local media indicated that KKR secured the asset through a competitive bidding process.
This investment was primarily made through KKR's Asia real estate strategy and adds to its expanding logistics portfolio in South Korea. The firm has previously invested in assets such as Incheon Metro Logistics, a large warehouse development, and Hwaseong Jegi Logistics Centre, both located in major distribution hubs.
Beyond South Korea, KKR has been increasing its exposure to logistics assets across Asia. Its earlier investments include LOGISTEED, a major third-party logistics provider in Japan, and Reliance Logistics Group in India, reflecting its broader focus on the sector's long-term growth.
Source Reuters
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