Dutch pension investor APG commits US$400 million to Korea logistics fund

Dutch pension investor APG Asset Management has committed US$400 million to the ESR Korea Logistics Core Fund.

The nine-year-old fund which was set up by a unit of Hong Kong asset manager ESR Group Ltd invests in Class A logistics warehouses and currently has seven of them with one million square metres of floor space in total, APG says in a statement on February 20.

“With logistics and e-commerce tenants seeking high-quality modern warehouse space that can service growing domestic and global supply chains, we see significant long-term potential in South Korea,” says Graeme Torre, head of real estate for Asia Pacific at APG.

APG managed approximately $615 billion of pension assets as of end-2023.