Singapore state-owned investment firm GIC said on Wednesday that it would acquire blocks A and B of Hwaseong Dongtan Logistics Complex in the Greater Seoul Area in South Korea for US$570 million, or around 641 billion South Korean won.
The acquisition will be made via a real estate fund, managed by ADF Asset Management, which specializes in South Korea’s industrial sector, GIC said in a release on Wednesday.
The seller is K-Eco Logis, which is a subsidiary of Hall Corp., and which developed the properties, it said.
The two blocks are newly completed distribution centers, located around 35 kilometers from Seoul, with good expressway access, GIC said, adding that both are fully leased under long-term leases.
GIC, which is a long-term investor, manages Singapore’s foreign reserves and has more than US$100 billion in assets under management.