Blackstone Acquires Logistics Centers in Greater Seoul Area

SEOUL, South Korea — Blackstone is enhancing its presence in South Korea by acquiring two last-mile logistics centers in the greater Seoul area. The New York-based investment firm announced the acquisition on Monday, revealing the properties encompass a total of 1.3 million square feet located in Gimpo and Namyangju, key competitive logistics markets in Gyeonggi Province.

The acquired facilities are classified as Grade A, meaning they are modern and high-quality, optimized for effective supply chain operations. These centers boast large spaces, advanced technology, and strategic access to transportation networks. They are currently leased to leading local and global e-commerce and logistics companies.

Chris Kim, Head of Blackstone Real Estate–Korea, remarked, “This is a continuation of our commitment to investing in prime Korean assets in fast-growing sectors.” He highlighted logistics as one of their primary investment themes both globally and within Korea, noting that supply in Seoul for last-mile logistics remains extremely limited, with only a low 4 percent vacancy rate.

Kim expressed confidence in Blackstone’s strategy, stating, “We are pleased to bring together our global scale and expertise, local insights, and asset management capabilities to grow the platform for long-term success.”

Since establishing a dedicated real estate team three years ago, Blackstone has significantly increased its activities in Korea. In the past year alone, the firm completed three major transactions, including a multistory logistics facility investment in Gimpo and the acquisition of an office building in Seoul’s Gangnam district, which is set to be converted into a select-service hotel in partnership with Travelodge Asia. Additionally, Blackstone finalized the landmark sale of Arc Place after years of repositioning it into a leading office building in central Seoul.