ESR Kendall Square REIT has raised US$400m (鈧�354.4m) in what it called a 鈥渇ollow-on offering鈥�, a year after it was first listed on the Korea Stock Exchange.
ESR Kendall Square, the only pure-play logistics and industrial vehicle in Korea, said this was the biggest follow-on offering for a listed REIT in Korea in terms of offering size.
Sanghwoi Bae, CEO of KendallSquare REIT Management, said: 鈥淲ith completion of the follow-on offering, ESR Kendall Square REIT is poised to become Korea鈥檚 biggest listed REIT in terms of market capitalisation and asset size.鈥�
ESR Kendall Square has a portfolio of 18 logistics assets valued at US$2.2bn.
Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, said: 鈥淜orea is a core strategic market of ESR where we continue to see great potential and prospects driven by strong e-commerce and a limited supply of prime institutional-grade logistics assets.
鈥淭he ESR Kendall Square REIT is a great example of the continued financialisation of real estate in APAC.
鈥淲e are seeing the emergence of a large and thriving REIT sector, accelerated by new REIT legislation in various key markets across the region, including in Korea.鈥�
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