STRAITS Real Estate , a unit of mainboard-listed Straits Trading Co, has entered a partnership in South Korea with real estate investment firm IGIS Asset Management to invest in logistics facilities in Greater Seoul, with an initial capital commitment of KRW110 billion .
The joint venture, comprising SRE, IGIS and three minority shareholders, has thus far acquired a 50 per cent stake in a 62,217 square metre freehold site in Incheon, South Korea, for a consideration of KRW32.1 billion. The remainder of the site is owned by an undisclosed offshore investor.The property was valued at KRW64.7 billion as at May 20, based on an independent valuation. The site will be developed into a 190,000 sq m, five-storey ramp-up logistics facility.
The project sits on a 37,958 sq m freehold site located near Adelaide's central business district, and will be developed into a 14,665 sq m purpose-built office and warehouse facility. The facility will be fully occupied by a New York-listed blue-chip tenant on a long-term lease. SRE's expansion moves in the logistics investment sector ride on"positive macro trends such as urbanisation growth, an evolving retail landscape, infrastructure spending and competitive sustainability", the company said in the release.
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