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Singapore’s GIC invests in Hyundai Logistics Distribution Center

Collected: 2016.07.15

Distributed: 2016.07.18

Source: Go Direct

[Hyundai Logistics Distribution Center]

Singapore sovereign wealth fund GIC, formerly known as Government of Singapore Investment Corporation, joined a real estate fund that acquired newly-built Hyundai Logistics Distribution Center located in Incheon, South Korea, from its developer LogisKoel for $130 million, GIC said in a statement on Wednesday. It did not specify the value of its investment in the fund.

The real estate fund is managed by ADF Asset Management Co., an asset management company specialized in South Korea’s logistics sector.

Hyundai Logistics Distribution Center on a site of 126,708 square meters is located in Incheon, a prime industrial and logistics hub with strong transport links to major cities nationwide, GIC said in a statement. The center, completed in late April 2016, is fully master-leased to Hyundai Logistics Co. for 15 years, one of the top logistics and parcel delivery companies in Korea.

“As a long-term investor, we believe in the potential of Korea’s growing industrial sector,” said Loh Wai Keong, managing director and co-head for Asia, GIC Real Estate. “This asset is well-located in a key industrial market as part of a comprehensive logistics park and will generate a stable long-term income stream,” he added.

“The acquisition of Hyundai Logistics Distribution Center is another landmark investment in Korea’s logistics properties market,” said Kim Chang Hyun, CEO of ADF Asset Management.

By Kang Doo-soon

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