SINGAPORE (EDGEPROP) - Real estate fund manager M&G Real Estate has acquired a US$131 million ($179 million) logistics centre south of Seoul as part of its core Asian property strategy.
Yongin Baegam Logistics Centre is in an established logistics cluster close to the city’s major highways. Spanning 1,076,391 sq ft, the four-storey asset is leased out to tenants that include third-party logistics operators and retailers.
This is the second logistics facility for the M&G Asia Property Fund in Korea after Homeplus Hub Logistics Centre, the 691,581 sq ft distribution centre acquired in 2017.
The acquisition coincides with an uptick in consumer spending with expectations for online retailing to grow in Asia Pacific markets from 14% to 23% by 2023, says M&G Real Estate.
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