This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:40 p.m. on July 16, 2026.
After Bain Capital hired Executive Director Byun Hee-seok, formerly of Oaktree Capital, it picked a logistics center as the first domestic real-asset investment target. In the recent commercial real estate market, as refinancing burdens have grown and more assets are headed for restructuring, it is said to be seeking investment opportunities centered on logistics centers where prices have adjusted.
According to the investment banking (IB) industry on the 16th, Bain Capital Special Situations (SS) Korea team is recently reviewing an investment in a domestic logistics center. The investment size was said to be around $100 million. Considering the recent won-dollar exchange rate, the first deal is expected to be in the range of 140 billion to 150 billion won.
Rather than core assets with stable rental income, distressed assets that face an event of default (EOD) risk or have difficulty with refinancing are the main review targets. Bain Capital is known to be broadening its scope to look not only at assets undergoing public auction procedures but also at business sites in the pre-restructuring stage.
After acquisition, it is said to apply a value-add strategy, attracting new tenants and enhancing asset competitiveness through facility improvements (CAPEX) before selling. It is not merely about buying assets cheaply; it is a method of realizing returns through operational normalization and asset value enhancement.
This investment is the first domestic commercial real estate investment pursued since hiring Executive Director Byun. While at Oaktree Capital, Byun handled investments in domestic nonperforming loans (NPLs) and real estate restructuring, building experience in distressed asset investing. The industry expects Bain Capital to expand restructuring investment opportunities based on Byun's investment experience and network.
The logistics center market is in better shape than commercial real estate overall, but there are still plenty of properties subject to restructuring due to high interest rates and a tightened refinancing market. The industry expects that, as financial institutions continue to manage their real estate exposure, additional assets that fail to refinance are likely to come to market for the time being.
An industry official said, "With the won remaining weak, overseas investors now have the conditions to purchase larger-sized won assets with the same dollar funding," and added, "We think overseas managers' interest in domestic logistics assets with adjusted prices will continue for the time being."