ESR Group Limited (“ESR” or the “Group”; SEHK Stock Code: 1821), APAC’s largest real asset manager powered by the New Economy, today announced that its South Korean platform, ESR Kendall Square, has completed Pyeongtaek Logistics Park, a landmark Class A, 190,000 sqm logistics complex in Pyeongtaek, in South Korea.

Located in a Free Economic Zone, the newly completed state-of-the-art Pyeongtaek Logistics Park is about 3 km away from Pyeongtaek Port, and is within one hour driving distance from Seoul. Due to its attractive location, Pyeongtaek Logistics Park was 100% pre-leased by one of Korea’s largest e- commerce companies in late 2021 prior to Its ground-breaking.

The newly completed project further cements ESR’s dominance in the logistics real estate market in Greater Seoul and across the country. Similar to all of ESR’s other properties, the Pyeongtaek Logistics Park is built with the best-in-class specifications and design, including direct ramp access to all warehouse floors, wide truck yards for efficient intra-traffic flows, and high ceiling clearance. In addition, the Pyeongtaek Logistics Park is installed with solar panels and electric vehicle charging stations to support its tenant’s ESG targets. ESR Kendall Square also targets to achieve LEED Gold Certification and GRESB Four-star Rating for this property.

Jeffrey Shen and Stuart Gibson, ESR Co-founders and Co-CEOs, said: “The completion of the Pyeongtaek Logistics Park is yet another milestone that demonstrates our commitment in expanding our New Economy developments in South Korea, underpinned by South Korea’s logistics growth trends. As the country’s largest logistics owner and leading provider of New Economy real estate, ESR is excited to deliver best-in-class design, building specifications, sustainable operations and management, to accelerate our logistics development riding on the strong occupancy in S. Korea.”

Thomas Nam, ESR Kendall Square CEO, said: “The surge in e-commerce in S. Korea has contributed to the demand for Class A logistics warehouse space. With its strategic location surrounded by high tech industrial sectors, Pyeongtaek Logistics Park has the largest single floor warehouse space in Korea to support optimal e-commerce and logistics operations. We are proud of the successful completion of this logistics property with the scale, advanced building specifications, sustainability, efficiency are all testament to what ESR is renowned for in delivering enterprise value to our customers and capital partners.”

 In addition to its strong track record in fund management and unrivalled portfolio of institutional-grade logistics assets, ESR Kendall Square’s sustainable approach to investments and operations has gained industry-wide recognition.

In the 2021 Global Real Estate Sustainability Benchmark (“GRESB”) Assessment, ESR Kendall Square’s first development joint venture was named “Regional Sector Leader” in the “Asia, Industrial” category of the Development Benchmark. In 2022, ESR Kendall Square’s second development joint venture similarly emerged as a “Regional Sector Leader” in the same category.

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ESR successfully completes 100% pre-leased, landmark logistics complex Pyeongtaek South Korea