Developers launched nearly 1.9 million square metres (20 million square feet) of new warehouse space onto the Korean market in the first quarter – setting a new record. However, rents have continued to hold steady as tenants leased four times more new space than a year earlier.
This rapid expansion is making the South Korea one of the most exciting targets for investors in logistics real estate and Mingtiandi has organised a panel of four experts from some of the leading players in the Korean market on Tuesday, 23 May to explore where the market is headed this year.
The session, which is sponsored by Yardi, starts at 10:00 AM Hong Kong time on Tuesday, and features speakers from ESR Kendall Square REIT, Hines, IGIS Asset Management and JLL for an online discussion on Mingtiandi’s MTD TV platform. You may register via the link above.
Following Tuesday’s Korea session, MTD TV will check out two of Asia’s fastest growing industrial real estate markets at 10:00 AM Hong Kong time on Thursday, as we speak with top management from CPPIB, BW Industrial and Frasers Property Vietnam about the latest developments in India and Vietnam.
Korea Up Close
Joining the Korea panel will be Sanghwoi Bae, chief executive officer with ESR Kendall Square REIT as well as Brad Gladu from JLL’s capital markets team in Seoul.
Representing Hines in the one-hour program will be the developer and fund manager’s country head for South Korea, Harry Lee; and from IGIS Asset Management, MTD will welcome Leo Kwon, head of global platform investment with the Seoul-based company.
During this year, ESR Kendall Square REIT has continued to add to its portfolio with the acquisition of a logistics park in Icheon earlier this month. Hines is also busy adding more assets with a number of assets expected to reach completion this year and next.
With Korea’s logistics market on the rise, IGIS has been successful in adding partners with the company having announced a $1 billion logistics development JV with Canada’s Quadreal in November.
India, Vietnam Get Interesting
In Thursday’s panel, Mingtiandi will welcome BW Industrial chief operating officer Fion Ng, whose company last year received an equity investment from ESR as part of $450 million in funding raised to further expand its portfolio.
Also joining from Vietnam will be Chong Chee Keong, general manager of Frasers Property Vietnam’s industrial division, which in March announced its second Vietnam venture, with that $250 million initiative targetting the northern region of the country.
From CPPIB, MTD TV will welcome back Hari Krishna V, a managing director with the real estate division of Canada’s largest public pension fund, who also is part of the organisation’s global leadership team. CPPIB in January of this year committed a fresh $205 million to its India industrial partnership with Indospace to bring that cooperation to over $1 billion in assets.
Hong Kong Up Next
This week’s panels will conclude MTD TV’s Asia Logistics Forum 2023, as the Mingtiandi team prepares to travel to Hong Kong next month for its first event in the city since 2019.
More than 250 industry professionals are expected to attend the one-day event at the Sheraton Hotel and Towers in Tsim Sha Tsui with speakers including PAG chairman and CEO Weijian Shan, Link REIT chief executive George Hongchoy and Don Taylor, director of office for Swire Properties.
More information on the Hong Kong forum is available here.