Blackstone invests in major logistics center with ESR

Blackstone, a New York-based asset management firm, has teamed up with ESR to invest in a major logistics center development project in the Seoul metropolitan area, the company said Thursday. The move highlights Blackstone’s growing focus on logistics real estate as a key investment market in Korea. The firm said funds managed by Blackstone Real Estate Partners have invested in a majority interest in Sanha Logistics Park II, a prime dry-storage logistics development in Anseong, Gyeonggi Province, through a primary share issuance. ESR will retain its investment in the project while continuing to oversee its development and asset management through ESR Kendall Square, its local platform in Korea. Construction is underway on Sanha Logistics Park II, which covers 334,000 square meters and is slated for completion in 2028. The logistics facility is located along the Gyeongbu Expressway, a major transportation route linking Seoul and Busan, in a well-established industrial and distribution area home to operations of major Korean conglomerates. The facility is being developed with significant p