PGIM Real Estate grows APAC logistics footprint with two food warehouses in Korea

SINGAPORE, 11 November 2021 – PGIM Real Estate has strengthened its logistics portfolio in Asia Pacific with the acquisition of two properties in Seoul on behalf of the firm’s Asia Pacific core strategy and through a joint venture with Singapore’s CapitaLand Investment. The properties were acquired from Foodist Co. Ltd and have significant cold chain facilities that support Foodist’s operations of catering and food distribution. 

Foodist will continue to occupy the properties under long-term master leases. PGIM Real Estate is the real estate investment and financing business of PGIM, the US$1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

“As we approach the final quarter of 2021, we are continuing to build on the healthy momentum we have set out as part of our strategy to strengthen our logistics footprint in Asia Pacific. These Korean properties are a significant boost to our regional portfolio with their optimal locations and long lease tenures,” said Benett Theseira, PGIM Real Estate’s head of Asia Pacific.”

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