KKR, a global investment firm, together with its Korean affiliate Kreate Asset Management (“Kreate”), has completed the acquisition of Cheongna Logistics Center, a large-scale logistics facility in Incheon. The investment was made by KKR-managed funds through a Korea-focused fund managed by Kreate. The transaction is the largest single-asset logistics deal completed in Korea to date.
Cheongna Logistics Center, completed in 2022, comprises approximately 4.6 million square feet and is located within close reach of key transport links serving the Greater Seoul area. The facility was developed to modern logistics standards and is well suited to large-scale distribution and fulfillment operations. Demand for such assets continues to increase as Korea’s logistics infrastructure adapts to the growth of e-commerce and more complex supply chains. The property is currently fully leased.
Kreate will be responsible for the day-to-day management and operation of the asset, drawing on its experience across logistics, office, hospitality, and residential real estate in Korea. KKR will work alongside Kreate to support asset management and long-term value enhancement.
David Cheong, Head of Asia Real Estate Acquisitions at KKR, said “As supply chains evolve and logistics assets become increasingly important to Korea’s economy, Cheongna Logistics Center stands out for its scale, location, and operational capability. We are pleased to make this investment and to continue building our logistics platform in partnership with Kreate, combining our global experience with strong local execution.”
The investment was made primarily through KKR’s Asia real estate strategy. It follows a series of real estate investments by KKR in Korea, including Incheon Metro Logistics, Hwaseong Jegi Logistics Centre, Centerfield in Seoul’s Gangnam district, and Namsan Green Building in Seoul’s central business district. The transaction also adds to KKR’s broader logistics exposure in Asia, which includes investments in LOGISTEED in Japan and Reliance Logistics Group in India.
KKR is a global investment firm providing alternative asset management, capital markets, and insurance solutions. The firm invests across private equity, credit, and real assets, with a focus on long-term value creation. KKR’s insurance operations are conducted through Global Atlantic Financial Group. References to KKR investments may include activities of its sponsored funds and insurance subsidiaries.
Founded in 2024 by KKR, Kreate Asset Management is a Korea-based real estate investment manager. The firm focuses on commercial real estate, including offices, logistics facilities, hospitality, and rental housing. Led by a team with extensive experience in Korea’s property market, Kreate provides investment management and operating capabilities to both domestic and international investors.
