ESR Kendall Square REIT adds USD94.2m Yongin BRIC logistics asset to portfolio
ESR Kendall Square REIT has successfully completed the acquisition of a recently completed mixed-use logistics facility for USD94.2 million.
Yongin BRIC, the 12th asset of the REIT’s portfolio, is located in the established logistics hub of the broader Yongin area where Seoul GBD (Gangnam Business District) can be reached within 1.5 hours. ESR Kendall Square REIT is already operating three other projects well-under operation within the Yongin logistics hub, forming a cluster of modern distribution centres and warehouses to support tenants around this gateway area. The newly added asset is 100 per cent leased up, and fully stabilised with reputable global multi-tenants.
With a GFA (gross floor area) of 43,045 square metres (or 13,021 pyeong), the asset is a dry and cold storage mixed warehouse that stands four storeys tall with two basement floors.
Kendall Square REIT management CEO, Sanghwoi BAEm says: “We are proud to show our investors that the REIT’s investment team provides excellent execution capacity in sourcing market-proven assets like ‘Yongin BRIC’ with competitive pricing.
“The management of ESR Kendall Square REIT is committed to providing growth and profitability through continuously identifying and sourcing prime logistics real estate assets like ‘Yongin BRIC’ for investors.”
Following the latest inclusion of “Yongin BRIC”, ESR Kendall Square REIT’s total GFA has been boosted by c6 per cent to a total of 727,140 square metres with 12 modern logistics assets.