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 subsidiary, ESR-Kendall Square, has completed the Geomdan Logistics Park (the “Complex”), a landmark, Class A 150,000 sqm logistics complex in the prime Gimpo market in South Korea.

The newly completed state-of-the-art Complex is only about 10 km away from Seoul’s Gimpo International Airport, and 30 km away from Seoul’s Central Business District and its strategic location is set to attract the country’s prominent e-commerce, 3PL, and other tenants who are looking to serve the most influential population of the Seoul Metropolitan area. Leases have been signed with a global 3PL company, a food and beverage manufacturer and distributor and a major convenience store operator. With this latest addition, ESR has delivered close to 800,000 sqm of Class A logistics space across major markets in South Korea over the past 12 months. The newly completed Complex further cements ESR’s market leading position in the prime infill logistics real estate market in Greater Seoul and across the country. Similar to all of ESR’s other properties, the Complex was 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, high floor tonnage, high ceiling clearance. ESR-Kendall Square also targets to achieve the WELL Health-Safety Rating for Geomdan Logistics Park, as well as the LEED Gold Certification and GRESB Five-Star Rating with the project featuring pre-installed solar panels, water- efficient fixtures for bathrooms, electrical vehicle charging stations, and extensive bicycle storage space. Jeffrey Shen and Stuart Gibson, ESR Co-founders and Co-CEOs, said: “We are delighted with the latest milestone completion of Geomdan Logistics Park, demonstrating the continuous progress of our New Economy developments in South Korea. Backed by the local government, South Korea’s logistics market is expected to double its size to USD 15.6 billion (KRW 20 trillion) by 2026.1 Our latest facility rides on this growth and has been attracting a broad spectrum of tenants that require high spec logistics warehouse space close to the city with best-in-class sustainability standards. Going forward, we are excited to continue our strong pace of logistics development across the Group in 2023 on the back of the lowest vacancy rates we have witnessed on record across our key markets.”

Thomas Nam, ESR-Kendall Square CEO, said: “Geomdan Logistics Park is yet another great example of our resolve to provide world class logistics space solutions. Besides its excellent location, we have adopted a unique design approach for this facility with the inclusion of human centric features that further distinguishes the facility as a great place to do business and work. We are excited for what Geomdan Logistics Park has to offer with its design specifications such as direct ramps for fulfilment services covering goods delivery, storage, packing, and inventory management, and look forward to seeing tenants utilising the facilities to the fullest.” 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.

The WELL Health-Safety Rating is an evidence-based, third-party verified rating for all new and existing building and space types focusing on operational policies, maintenance protocols, stakeholder engagement and emergency plans that address a Covid-19 environment now and into the future.

About ESR ESR-Kendall Square’s properties have also earned numerous awards and green building certifications, including APAC’s first WELL Gold Certification for logistics real estate, several LEED Gold Certifications in addition to 22 assets achieving the WELL Health-Safety Rating certification, representing over 2 million sqm.

ESR-Kendall Square is the largest logistics owner in South Korea with an estimated US$11 billion of assets under management (“AUM”) and an estimated 5.6 million sqm of GFA as at end 2022.