ESR Kendall Square Sells Pyeongtaek Logistics Park to NPS-Backed Samsung SRA for KRW 343 Billion
ESR Kendall Square has sold Pyeongtaek Logistics Park in South Korea to a Samsung SRA Asset Management vehicle backed by the National Pension Service for KRW 343 billion ($252.6 million). The 190,000 sq m warehouse, fully pre-leased to e-commerce operator SSG.com, was developed with Canadian and Dut
ESR Kendall Square has sold Pyeongtaek Logistics Park to a Samsung SRA Asset Management vehicle backed by South Korea’s National Pension Service for KRW 343 billion ($252.6 million), placing one of the country’s largest sheds under domestic institutional ownership.
The sale closed on 1 September at the equivalent of KRW 1.8 million per square metre of gross floor area. The 2023-vintage facility in Pyeongtaek, an hour’s drive south of Seoul, was developed by ESR’s Korean platform with capital from foreign pension giants CPPIB and APG.
Samsung SRA is understood to have made the acquisition through a KRW 400 billion core fund formed with KRW 250 billion from NPS and additional capital from Samsung-affiliated insurers. The deal hands a warehouse created with overseas pension money to a vehicle anchored by Korea’s largest institutional investor.
“The transaction reflects the strong value created through ESR’s proactive asset management approach and underscores the market appeal of the asset, supported by its underlying fundamentals and high-quality specifications,” an ESR representative told Mingtiandi.
Pyeongtaek Logistics Park spans 190,000 square metres (2 million square feet) on a 165,827 square metre site in Poseung district of the Gyeonggi Free Economic Zone. The all-ambient facility was fully pre-leased to e-commerce operator SSG.com in late 2021 before construction began. The complex lies three kilometres (1.9 miles) from Pyeongtaek Port, a key gateway for China trade, and includes direct ramp access to each warehouse floor, wide truck yards, high ceilings, Korea’s largest single-floor warehouse area and 10 megawatts of power capacity, according to Singapore-based ESR.
Pyeongtaek, in the far south of Gyeonggi province, has emerged as a distribution hub serving the capital region and nearby electronics and automotive clusters. Logistics stock in Pyeongtaek increased more than 1.7-fold in the three years through mid-2025, with third-party logistics firms and end-users absorbing much of the space, according to Cushman & Wakefield. The ESR disposal comes as Korea’s logistics market emerges from a three-year supply surge, with fewer development starts, easing vacancy and the first signs of rental recovery improving the outlook for stabilised warehouses with strong tenants and modern specifications.
