Blackstone takes majority stake in South Korean logistics park

Blackstone has acquired a majority interest in Sanha Logistics Park II, a dry storage logistics development in South Korea, through a primary share issuance. Singapore-based ESR will stay on as an investor and continue as development and asset manager via its South Korean platform, ESR Kendall Square. The 334,000 sq m park is under construction along the Gyeongbu Expressway and is expected to be completed in 2028 at a total development cost of about 600 billion Korean won (US$448.30 million).