ESR Kendall Square REIT adds USD145m logistic asset to portfolio

Korean industrial real estate investment trust, ESR Kendall Square REIT (365550 KS), has completed the acquisition of a modern logistics facility in greater Seoul suburban market for USD145 million (or KRW160 billion). 

The asset, named “Anseong Logistic Park (LP)”, was a committed dropdown asset planned for inclusion upon the company’s IPO in last December. Anseong LP is currently 100 per cent master-leased by Korea’s leading e-commerce player Coupang (CPNG US) with a 4.5-year WALE (weighted average lease expiry), and GFA (gross floor area) of 94,875 sq m.
 
Following its latest asset inclusion, ESR Kendall Square REIT’s total GFA has been boosted by c16 per cent, reaching 684,095 sq m. ESR Kendall Square REIT’s share price has risen 35.8 per cent as of 1 June 2021, since it went public on 23 December 2020.
 
The company plans to continuously seek growth through introducing prime logistic real estate assets to investors.