Investment firm Blackstone and real estate manager ESR announced on Thursday, 10 September 2026, that funds managed by Blackstone Real Estate Partners have acquired a majority interest in Sanha Logistics Park II.

The transaction was executed through a primary share issuance. ESR will retain an equity stake and manage development and assets through its South Korean platform, ESR Kendall Square.

The project spans 334,000 square metres in South Korea’s Seoul Metropolitan Area. Construction is currently underway, with completion scheduled for 2028.

Located along the Gyeongbu Expressway, the primary transport corridor linking Seoul and Busan, the site sits within an established industrial and distribution area used by major South Korean conglomerates. The facility features increased electrical capacity to accommodate advanced automated warehousing, catering to third-party logistics providers, e-commerce platforms and retail operators.

This deal marks Blackstone’s third logistics acquisition in South Korea and its fifth transaction across its investment platforms in the country over the past 14 months.

Chris Kim, Head of Blackstone Real Estate – Korea, said, “This investment deepens Blackstone’s presence in Korea and reinforces logistics as one of our highest conviction real estate themes globally. Korea is a dynamic logistics market, underpinned by its leadership in e-commerce, advanced manufacturing, and AI-related industries. We’re pleased to partner with ESR to deliver high-quality, modern Grade A logistics infrastructure that addresses the evolving needs of our customers and contributes to Korea’s next phase of economic growth.”

Sunwoo Thomas Nam, CEO of ESR Kendall Square, added, “We are delighted to collaborate with Blackstone on Sanha Logistics Park II. This investment reflects our shared confidence in the long-term fundamentals of South Korea’s logistics sector. Upon completion, Sanha Logistics Park II will be a landmark logistics asset in Greater Seoul, designed to support growing automation and increasingly sophisticated supply chain requirements. By combining Blackstone’s global platform and expertise with our local development and management experience and capabilities, we look forward to delivering a premier asset that meets evolving customer needs.”