[SINGAPORE] Real estate co-investment platform RealVantage has partnered ESR Group’s South Korean arm, ESR Kendall Square, to invest US$55 million (S$71.3 million) in the development of a last-mile logistics centre in Icheon, South Korea.
This is the platform’s maiden entry into the South Korean market, and its largest investment to date, said RealVantage in a statement on Wednesday (May 14). Investors will be offered a 35-month duration deal, with the project delivery and leasing set to commence in the fourth quarter of 2026.
RealVantage will hold a 90 per cent stake in the project, with the remaining 10 per cent retained by its sponsor, ESR Kendall Square.
Located in Icheon, a key logistics hub an hour from Seoul, Anpyeong Logistics Center is a five-storey Class A warehouse spanning a land area of 36,102 square metres. It comprises four floors of warehouse space, with units ranging from 7,000 to 10,000 sq m.
Its construction began in December 2024, with Anpyeong Logistics Center’s investment slated to mature in Q4 2027.
RealVantage said the centre is well-positioned to attract e-commerce tenants, high-tech manufacturers and third-party logistics providers, given its proximity to South Korea’s major population centres and other ongoing developments.
“Coupled with strong demand fundamentals, Anpyeong Logistics Center is expected to create a favourable supply-demand imbalance by 2025; and positioning towards high tenant demand and strong potential for value appreciation once it delivers in Q4 2026,” it added.
RealVantage co-founder and chief executive officer Keith Ong said the deal – which is exclusively available to the platform and its private wealth investors – was a result of its “deep ties” with ESR Group.
“For decades, private equity was the domain of institutions and the ultra-wealthy – now, no longer,” he noted. “Anpyeong Logistics Center is strategically positioned to benefit from South Korea’s growing demand for last-mile logistics infrastructure driven by the booming e-commerce sector.”
