August 22, 2022
LOGOS and Manulife Investment Management announce the establishment of LOGOS Korea Core Venture and the forward purchase of a c.US$200m asset in the Seoul Capital Area
Hong Kong/Seoul - LOGOS and Manulife Investment Management, on behalf of Manulife Asia, are pleased to announce the establishment of the LOGOS Korea Core Venture and acquisition of its seed asset, LOGOS Siheung Logistics Centre; a circa US$200m forward purchase logistics facility in the Seoul Capital Area (SCA). This is LOGOS’ second partnership with Manulife, with this acquisition being an important investment to support the strong demand for modern, high-quality logistics facilities in Korea.
Located in the Banwol-Siwha National Industrial Complex in Gyeonggi Province, approximately 50 minutes from Seoul CBD, the LOGOS Siheung Logistics Centre will comprise state-of-the-art dry and cold warehouse facilities when completed in early 2024. The property has been designed by one of Korea’s largest architecture firms and is being developed by a highly experienced warehouse contractor. The property will offer a total GFA of c.100,000 sqm on completion and will be LEED Gold certified.
Trent Iliffe, LOGOS’ Managing Director and Co-CEO, said: “We are very pleased to be extending our partnership with Manulife Investment Management into Korea, having welcomed them into our business in our Vietnam venture earlier this year. Korea is a key growth market for LOGOS, and we look forward to delivering on the many opportunities through this new partnership.”
LOGOS’ Head of Korea, Sung Park, said, “Ecommerce continues to reshape logistics requirements in Korea, with occupiers requiring modern logistics facilities and increasingly sophisticated solutions to address the continuing growing demand in this market. The acquisition of the LOGOS Siheung Logistics Centre property is a rare opportunity to acquire a significantly de-risked, institutional-grade asset in a supply constrained location of the Seoul Capital Area. The property will provide our tenants with state-of-the-art facilities that can incorporate automation and other leading technologies to service their customers in Seoul and across Korea.”
A joint statement from Gerald Posthuma, Chief Investment Officer of Asia General Account Investments and Jessie Liu, Managing Director and Head of Asia Real Estate Transactions for Manulife, reads “We are delighted to partner with LOGOS again shortly after our Vietnam venture as we continue our expansion across the region. Korea is a key market in the APAC region and modern warehouses and distribution centres continue to benefit from the country’s advanced and growing ecommerce. The LOGOS Siheung Logistics Centre will be a great addition to the logistics portfolio of Manulife’s General Account. Expected to be a LEED Gold certified property post completion, it underscores our commitment to sustainable investing, through which we believe the resiliency of our investments can be strengthened.”
The LOGOS Korea Core Venture is LOGOS’ second venture in Korea. The Korea development venture was launched earlier this year with total investment capacity of US$1.3 billion alongside Dutch fund manager Bouwinvest and two other existing institutional investors.
Both ventures enable LOGOS and its partners to set new standard for sustainable logistics property solutions in Korea.
LOGOS’ Asia Pacific portfolio comprises over 100 logistics estates across 10 countries with total Assets Under Management (AUM) of over US$19.9 billion.
LOGOS is a dynamic and growing logistics specialist with operations across 10 countries in Asia Pacific. LOGOS’ shareholders comprise ESR Group, APAC’s largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally and its Founders, John Marsh and Trent Iliffe.
LOGOS manages every aspect of logistics real estate, including investment management, sourcing land or facilities and undertaking development and asset management, on behalf of some of the world’s leading global real estate investors. LOGOS has circa 9.1 million sqm of property owned and under development, with a total completed value of over US$19.9 billion, across 31 ventures. For more information: www.logosproperty.com
Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions and retirement plan members worldwide. Our principal operations are in Asia and Canada, and the United States, where we have served customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. In the previous 12 months we made CAD$31.8 billion in payments to our customers. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. The information and/or analysis contained in this material have been compiled or arrived at from sources believed to be reliable but Manulife Investment Management does not make any representation as to their accuracy, correctness, usefulness or completeness and does not accept liability for any loss arising from the use hereof or the information and/or analysis contained herein. Neither Manulife Investment Management or its affiliates, nor any of their directors, officers or employees shall assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained herein.
This material was prepared solely for informational purposes and does not constitute a recommendation, professional advice, an offer, solicitation or an invitation by or on behalf of Manulife Investment Management to any person to buy or sell any security. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. The economic trend analysis expressed in this material does not indicate any future investment performance result. This material was produced by and the opinions expressed are those of Manulife Investment Management as of the date of this publication, and are subject to change based on market and other conditions. Past performance is not an indication of future results. Investment involves risk, including the loss of principal. In considering any investment, if you are in doubt on the action to be taken, you should consult professional advisers.
Proprietary Information – Please note that this material must not be wholly or partially reproduced, distributed, circulated, disseminated, published or disclosed, in any form and for any purpose, to any third party without prior approval from Manulife Investment Management.
These materials have not been reviewed by, are not registered with any securities or other regulatory authority, and may, where appropriate, be distributed by Manulife Investment Management and its subsidiaries and affiliates