Global alternative investment manager Blackstone will join as an investor in the large logistics center development in Sanha-ri, Anseong, Gyeonggi, that ESR Kendall Square has been pursuing.
On the 10th, according to the investment banking (IB) industry, Blackstone Real Estate Partners secured a majority equity stake in "Sanha Logistics Park II." ESR Kendall Square will remain as an investor and handle development and operation of the logistics center.
Sanha Logistics Park II is a project that ESR Kendall Square has been pushing to develop. It is a prime-grade ambient-temperature logistics center with a total floor area of about 334,000㎡ (about 100,000 pyeong) to be built in the Sanha-ri area of Anseong, Gyeonggi. Construction is underway, with completion targeted for 2028.
Sanha Logistics Park II sits along the Gyeongbu Expressway, offering a location well suited to link the Seoul metropolitan area with key regional hubs. Nearby, major conglomerates have established distribution and manufacturing bases. It has also secured large-scale power capacity, making it well suited for building logistics automation systems.
With this investment, Blackstone has widened its investment footprint in Korea's logistics market. It is the third logistics investment in the past 14 months and the fifth investment in a Korea-based business.
Kim Tae-rae, head of Blackstone's Korea real estate division, said, "Korea is forming a dynamic logistics market based on competitiveness in e-commerce, advanced manufacturing, and artificial intelligence (AI)-related industries," adding, "Together with ESR, we will supply high-quality logistics infrastructure that can meet evolving customer demand."
Nam Seon-woo, CEO of ESR Kendall Square, said, "This investment shows both companies' shared conviction in the long-term fundamentals of Korea's logistics industry," emphasizing, "By combining Blackstone's global platform with our domestic development and operation capabilities, we will introduce top-tier logistics assets."