Global private equity fund operator Kohlberg Kravis Roberts said Tuesday that it will sell a landmark logistics center to a South Korean real estate asset manager.

The US-based company issued a release to confirm that Pebblestone Asset Management is to acquire BLK Pyeongtaek Logistics Center from a KKR-led consortium. The precise amount of the deal was not disclosed.

“The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully-integrated and technology-enabled warehousing facilities that can support greater volumes and faster delivery,” said John Pattar, partner and head of Asia Pacific Real Estate at KKR.

KKR’s logistics center at Pyeongtaek Port, which was completed in early 2019, is the largest supply facility in the southern part of Gyeonggi Province with nearly 136,500 square meters of gross floor area, housing various shipping firms including e-commerce businesses. 

“BLK Pyeongtaek Logistics Center is a one-of-a kind facility, strategically located in a fast-growing coastal city with easy access to major transportation routes,” said Terry Hwang, CEO and managing partner of acquirer Pebblestone Asset Management Korea.

“The center’s design features, including its cutting-edge cold and dry warehousing facilities, make it a compelling option for companies across many industries.”

Since kicking off in 1976, KKR has expanded into the Asia-Pacific region with a total capital investment of $1.4 billion as of December 2019.

By Choi Jae-hee (CJH@heraldcorp.com)