News Details :
News Details:
Headline : Korea Republic of : Blackstone, Mirae Asset Global Investments to acquire two Korean logistics hubs
Summary : New York's global private equity and alternative asset manager, Blackstone Group LP, has agreed to buy two logistics centers in South Korea's key geographic site in Gyeonggi Province for about 70 billion won ($60 million), a milestone real estate investment by the world's largest PEF in Korea after its high-profile acquistion of Capital Tower in Seoul five months ago.

Blackstone partnered with the Korean Mirae Asset Global Investments Co. to sign a deal to acquire Anseong Core Logis and Yongin Able Logis.

The two logistics hubs are sited on a large space of 30,000 square meters each in the southeastern part of the province emerging as a logistics center for the country. Under a five-year lease contract, Local courier service firm Han Express Co. and other third-party logistics firms are using them .

Due to the level of rental revenue in the vicinity, the investors can expect an annual return of from 6.5 percent to 7 percent.