Expansion of Blackstone's Korean Operations Through Purchase of Seoul Logistics Facilities
Blackstone Expands Presence in Korean Logistics Real Estate Market
In a significant move, Blackstone Real Estate Partners has acquired a prime last-mile logistics portfolio in the Seoul Metropolitan Area. The portfolio comprises two modern Grade A logistics centers in Gimpo and Namyangju, totaling 1.3 million square feet.
This acquisition, announced in July 2025, is a testament to Blackstone's ongoing commitment to the Korean real estate market. The company has demonstrated its dedication through various strategic transactions over the past three years. Last year alone, Blackstone completed three key transactions, including an investment in a large logistics asset in Gimpo.
The focus on logistics assets in the Seoul Metropolitan Area is a key part of Blackstone's strategy. Chris Kim, Head of Blackstone Real Estate - Korea, reiterated this emphasis, stating, "Logistics is a high conviction investment theme for Blackstone in real estate globally, and specifically in South Korea."
The Seoul Metropolitan Area's last-mile logistics sector is particularly attractive due to severely limited new supply and low vacancy rates around 4%. This scarcity, as highlighted by Chris Kim, underlines the strong demand and investment appeal of such assets.
Blackstone's strategies in the Korean real estate market have been diversified, including investments in logistics, office buildings, and hotel conversions. Last year, the firm also purchased an office building in Gangnam for conversion into a Travelodge Asia hotel.
The acquisition strengthens Blackstone's investment position in South Korea through QUBE Industrial Asset Management funds. Blackstone's active strategy in the Korean real estate market is reflected in this move, reinforced by the establishment of its dedicated team three years ago.
Chris Kim emphasized Blackstone's aim to invest in prime Korean assets in fast-growing sectors. He stated, "Our strategy is to leverage our global expertise, scale, and local insights to continue growing our logistics platform for long-term success in South Korea."
By bringing together its global expertise, scale in the logistics sector, asset management capabilities, and local insights, Blackstone aims to continue growing its platform for long-term success in South Korea. The company's commitment to the Korean real estate market is clear, and its focus on logistics assets in the Seoul Metropolitan Area is a key part of this ongoing commitment.
[1] Blackstone Press Release, July 2025 [2] Korea Times, August 2025 [3] Reuters, September 2025 [4] Yonhap News Agency, October 2025
- Blackstone's recent acquisition of a prime last-mile logistics portfolio in the Seoul Metropolitan Area is a reflection of the company's significant investment in the Korean finance sector, particularly in the real estate market.
- Blackstone's ongoing commitment to the Korean real estate market, as seen in their recent acquisition and previous strategic transactions, underscores their long-term financial investment in South Korea's growing logistics sector.
