KKR, through its Korean affiliate Kreate Asset Management, closed a $1 trillion deal for the Cheongna Logistics Center, a 4.6‑million‑square‑foot warehouse complex in Incheon’s Greater Seoul metropolitan area. The transaction, the largest single‑asset logistics deal ever recorded in South Korea, gives KKR a fully leased, high‑specification facility that sits on a major freight corridor and serves as a hub for the country’s fastest‑growing e‑commerce market.
The purchase price, estimated at KRW 1 trillion (about $692 million to $696 million including debt), was financed in part by capital sourced from Global Atlantic Financial Group, a U.S. life insurer acquired by KKR in 2024. The use of long‑duration insurance capital underscores KKR’s strategy of deploying stable, low‑cost funds into core real‑estate assets that generate predictable, income‑producing cash flows.
Cheongna’s tenant roster is dominated by South Korean e‑commerce giant Coupang and convenience‑store chain Emart24, and the facility is 100 % occupied. The modern, LEED Gold‑certified complex offers advanced cold‑storage and ambient‑storage capabilities, allowing KKR to meet evolving demand from high‑speed delivery and last‑mile logistics providers. The strategic location near Incheon International Airport and the port of Incheon gives the asset seamless connectivity to domestic and international freight networks.
KKR’s acquisition follows a competitive bidding process that saw IGIS Asset Management and other domestic players withdraw. The deal aligns with KKR’s broader Asia strategy, which includes investments in logistics hubs such as Incheon Metro Logistics, Hwaseong Jegi Logistics Centre, and the LOGISTEED platform in Japan. The Cheongna purchase strengthens KKR’s presence in the region’s most dynamic e‑commerce corridor and signals confidence in the continued expansion of online retail in South Korea.
David Cheong, KKR’s Head of Acquisitions for Asia Real Estate, said the purchase “demonstrates our commitment to building a portfolio of high‑quality, strategically located logistics assets that support Korea’s modern economy.” The acquisition positions KKR to capture long‑term rental income from a tenant base that is expected to grow as e‑commerce penetration rises, while the use of insurance capital provides a stable funding source that can be deployed across KKR’s global real‑estate platform.
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