KKR (NYSE:KKR) and its affiliated Korean manager, Kreate Asset Management, have completed the purchase of the Cheongna Logistics Center in Incheon, marking the largest single-asset logistics transaction in South Korea’s history.
While official financial terms were not disclosed, the transaction values the facility at slightly more than 1 trillion won ($696 million), according to people familiar with the matter.
The seller, Brookfield Asset Management, had acquired the site in 2023 for approximately 659 billion won and exits the investment as demand for prime "last-mile" hubs in the Greater Seoul area remains resilient despite broader market volatility.
Completed in 2022, the Cheongna Logistics Center is a "mega" facility spanning 4.6 million square feet.
The asset is currently 100% occupied, with major e-commerce players—including South Korean giant Coupang—anchoring the space.
The facility features a mix of ambient and cold-storage capabilities designed to handle the sophisticated fulfillment needs of Korea’s digital economy.
The acquisition was executed primarily through KKR’s Asia real estate strategy.
Following the deal, Kreate Asset Management, an entity established by KKR in 2024 to focus on domestic commercial real estate, will take over day-to-day operations and management.
KKR will provide strategic oversight and value-creation support.