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Blackstone Adds Two More Logistics Centers in Korea
Blackstone expands Korean logistics portfolio with acquisition of MQ Logistics' Gimpo Gochon and Namyangju Hwado centers for USD 250 million This marks Blackstone's third Korean logistics center, following its previous acquisition of Gimpo Seonggwang Logistics Center in 2023
Blackstone, the world's largest private equity firm (PEF), has finalized its targets for additional logistics center investments: two properties owned by MQ Logistics – the Gimpo Gochon Logistics Center and the Namyangju Hwado Logistics Center.
Having established its Korean office in 2022 and made its first foray into the domestic logistics center market last year by acquiring the Gimpo Seonggwang Logistics Center, Blackstone is now starting to build its Korean logistics center portfolio.
The industry is paying close attention to how many more logistics centers Blackstone will acquire this time, recalling its initial investment in Korean logistics centers in 2016 when it secured five properties and then sold them all at once in 2020.
Investment Details
According to the logistics center industry on the 14th, Blackstone has agreed to acquire MQ Logistics' Gimpo Gochon Logistics Center and Namyangju Hwado Logistics Center for USD 250 million.
A fund established by Cube Industrial, a joint venture between Warburg Pincus and MQ Logistics, will serve as the investment vehicle.
Located at 108 Araeung-ro 57beon-gil, Gochon-eup, Gimpo-si, Gyeonggi-do, the MQ Logistics Gimpo Gochon Logistics Center spans from B1-4F, with a total floor area of 78,317.41 m². It is a mixed-temperature logistics center accommodating both ambient and cold storage, although the proportion of cold storage is not significant. Tenants include GS Networks, CJ Logistics, Market Kurly, and Geo-Young.
The Hwado Logistics Center, situated in Chasan-ri, Hwado-eup, Namyangju-si, Gyeonggi-do, has a land area of 29,995 m² with B1-3F. Its tenants are Coupang and Hanjin.
Strategic Location
The Hwado Logistics Center is about a 10-minute drive from the Hwado IC on the Seoul-Yangyang Expressway, providing easy access to southeastern Seoul areas such as Gwangjin-gu, Gangdong-gu, Jungnang-gu, and Songpa-gu. Additionally, it is within a 10-minute drive from the Maseok IC on the Gyeongchunbuk-ro, offering excellent accessibility to northeastern Seoul areas like Gangbuk-gu, Dobong-gu, and Nowon-gu.
Blackstone plans to finalize the acquisition of these two logistics centers soon. This will bring Blackstone's total holdings of logistics centers in South Korea to three.
Previously, in November of last year, Blackstone acquired the Gimpo Seonggwang Logistics Center for USD 61.85 million through a fund managed by PebbleStone Asset Management. This center has B1-4F, with a total floor area of 29,999 m².
Investment Strategy
It is anticipated that Blackstone will pursue a strategy of further acquiring logistics centers in South Korea to build a portfolio and then dispose of them all at an opportune time in the future.
When Blackstone first invested in Korean logistics centers in 2016, it also focused on acquiring five logistics centers – Able Logis, Korologis, Kwanri, Dongsan, and Buguk – located in the southeastern Gyeonggi region, including Yongin, Icheon, and Anseong, before selling them all to Singapore-based Mapletree in 2020.
An industry insider stated, "It is notable that the Gimpo Seonggwang Logistics Center, acquired by Blackstone last year, and the two logistics centers being additionally acquired this time are all located in last-mile locations closest to Seoul. Blackstone is pursuing a strategy of intensively acquiring last-mile logistics centers."
This article was published in Corebeat on 14th of March, 2025.