Blackstone acquires majority stake in South Korean logistics park

Blackstone Real Estate Partners has acquired a majority interest in Sanha Logistics Park II, a large-scale dry-storage logistics development located in the Seoul Metropolitan Area of South Korea. The acquisition was conducted through a primary share issuance.

ESR will maintain its role as an investor and continue to serve as the development and asset manager via its South Korean platform, ESR Kendall Square. While the specific financial terms of the transaction were not disclosed, the facility spans approximately 334,000 square meters and is currently under construction, with an expected completion date in 2028.

Strategically situated along the Gyeongbu Expressway—the primary highway corridor linking Seoul and Busan—the site is positioned within a major manufacturing and distribution hub. The facility is being designed with high power capacity to accommodate advanced warehouse automation and the complex supply chain needs of e-commerce companies, retailers, and third-party logistics providers.