This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:25 p.m. on Jul. 15, 2026.
The sale of "Arenas Yangji," cited as the biggest domestic logistics center, has finalized its shortlist and entered the final stretch of competition. The Arenas Yangji deal has many points drawing attention, and in particular, the fact that the existing general partner (GP), IGIS Asset Management, and the limited partner (LP), the National Pension Service, each formed a new investment partnership to reenter the bidding is in the spotlight.
According to the investment banking (IB) industry on the 15th, six parties participated in the main bid for the sale of Arenas Yangji: KKR·Create Asset Management, ADF Asset Management, Capstone Asset Management, IGIS Asset Management, Koramco REITs Management and Trust, and Korea Investment Real Asset Management. Among them, the sell side recently selected four for the shortlist (qualified preliminary bidders): KKR·Create Asset Management, ADF Asset Management, IGIS Asset Management, and Koramco REITs Management and Trust.
The most notable aspect of this transaction is that IGIS Asset Management and the National Pension Service, both existing investors, each set up a separate investment structure to jump back into the bidding.
IGIS Asset Management invested in Arenas Yangji through "Core Platform No. 1," formed in 2016 based on National Pension Service investment. This sale is an exit process driven by the fund's maturity, but IGIS is known to be rejoining the bidding by recruiting new LPs and forming a new fund. As the fund is liquidated and the asset is sold, the move is seen as a strategy to continue managing the asset, judging that there is ample room for additional upside.
The National Pension Service also chose a separate path while recovering its existing investment at the same time. The National Pension Service is said to have joined this bidding by teaming up with ADF Asset Management and preparing a new investment structure. ADF Asset Management formed a blind fund of about 500 billion won earlier this year based on National Pension Service commitments.
As a result, an unusual setup has emerged in which IGIS Asset Management and the National Pension Service each secured new LPs and GPs to pursue the acquisition of the same asset. Typically, when a fund sells an asset at maturity, both the GP and LP simply recover their capital, but this time both sides built independent investment structures to place their bets again.
In the industry, some say this setup is drawing even more attention in connection with the conflict the two sides had earlier this year over Centerfield in Yeoksam. At the time, IGIS Asset Management pushed to sell the asset ahead of the fund's maturity, while the National Pension Service sought to replace the GP, bringing their differences to the surface. This time, both acknowledge the investment value of the same asset, yet are entering the bidding in their own ways by joining hands with different investment partners.
Arenas Yangji is an extra-large ambient logistics center in Yongin, Gyeonggi Province, with a total floor area of 345,348 square meters. Adjacent to the Yangji IC on the Yeongdong Expressway, it is considered a location with excellent access to key consumer markets in Seoul and the capital region. CJ Logistics currently leases the entire facility under a master lease, making it a core logistics asset with low vacancy risk.
Considering recent transaction cases for similar extra-large logistics centers, the transaction price is expected to be set between 800 billion and 900 billion won. A representative comparable case cited is KKR's acquisition of the Cheongna Logistics Center for about 1 trillion won at the end of last year.
The sell side plans to select a preferred bidder next month after detailed due diligence on the shortlist. With major domestic and foreign real estate managers participating in large numbers, fierce last-minute price competition and investment-structure negotiations are expected.