KKR Completes Landmark Acquisition of Cheongna Logistics Center in South Korea!
KKR, together with its Korean affiliate Kreate Asset Management, has completed the acquisition of the Cheongna Logistics Center, a large-scale, modern logistics facility located in Incheon, South Korea. The investment was executed through KKR-managed funds via a Korea-focused fund managed by Kreate, and it represents the largest single-asset logistics transaction completed in the Korean market to date. The deal underlines KKR’s growing conviction in the long-term fundamentals of logistics real estate across Asia and its strategy of partnering with strong local operators.
Completed in 2022, the Cheongna Logistics Center spans approximately 4.6 million square feet and has been developed to meet contemporary logistics and distribution requirements. Strategically located in Incheon, the facility benefits from close proximity to major transportation networks serving the Greater Seoul metropolitan area, making it well positioned for large-scale warehousing, distribution, and fulfillment operations. Its location and design align with the evolving needs of tenants responding to the rapid growth of e-commerce, just-in-time delivery models, and increasingly complex supply chains. Reflecting these strong fundamentals, the property is currently fully leased, providing immediate income stability alongside long-term value potential.
Kreate Asset Management will oversee the day-to-day operations and management of the logistics center, leveraging its established expertise across logistics, office, hospitality, and residential real estate assets in Korea. KKR will work closely with Kreate on asset management initiatives and longer-term strategies aimed at enhancing operational efficiency and sustaining the asset’s competitiveness. This partnership combines KKR’s global real estate investment experience with Kreate’s deep local market knowledge and execution capabilities, a model that has become central to KKR’s approach in Asia.
Commenting on the acquisition, David Cheong, Head of Asia Real Estate Acquisitions at KKR, highlighted the growing strategic importance of logistics infrastructure to Korea’s economy. He noted that as supply chains continue to evolve and demand for high-quality logistics facilities increases, assets such as Cheongna Logistics Center stand out due to their scale, connectivity, and operational readiness. The investment reflects KKR’s confidence in the sector’s long-term growth prospects and its commitment to building a differentiated logistics platform in partnership with trusted local managers.
The transaction was made primarily through KKR’s Asia real estate strategy and builds on the firm’s expanding footprint in the Korean property market. Previous investments in the country include logistics assets such as Incheon Metro Logistics and Hwaseong Jegi Logistics Centre, as well as landmark office developments like Centerfield in Seoul’s Gangnam district and the Namsan Green Building in the city’s central business district. Collectively, these investments demonstrate KKR’s diversified approach to real estate in Korea, spanning logistics and commercial assets in high-demand locations.
Beyond Korea, the acquisition further strengthens KKR’s broader logistics exposure across Asia. The firm has made significant investments in the sector, including LOGISTEED in Japan and Reliance Logistics Group in India, reflecting a regional strategy focused on essential infrastructure that supports trade, consumption, and industrial growth. Through this latest transaction, KKR reinforces its position as a major investor in Asia’s logistics real estate landscape, with Cheongna Logistics Center serving as a cornerstone asset aligned with long-term structural demand trends.
