Singapore, 19 December 2018 – GIC will acquire Blocks A and B of Hwaseong Dongtan Logistics Complex in Gyeonggi Province, Greater Seoul Area, South Korea, through a real estate fund, for US$570 million (KRW641 billion), from K-Eco Logis Co., Ltd., a subsidiary of Halla Corp and the developer of the assets. The real estate fund is managed by ADF Asset Management Co., Ltd., an asset management company specialised in South Korea’s industrial sector.
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, the No. 1 artery expressway in South Korea. Both blocks are 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.