Warburg Pincus and South Korean real estate manager Wide Creek Asset Management have acquired an 82,000sqm site in the outskirts of Seoul.
The pair will develop a five-storey, 100,000sqm dry warehouse in Anseong, Gyeonggi Province, with approximately 70% already pre-leased to life sciences tenants.
The latest deal expands the Warburg Pincus-Wide Creek joint venture鈥檚 portfolio to over 244,000sqm of net leasable area, with an estimated value exceeding US$500bn (鈧�462.88bn) upon completion.
Through its Warburg Pincus Asia Real Estate Fund, Warburg Pincus established the joint venture in 2023 with Wide Creek to focus on investments in new economy real estate sectors, including logistics, data centres, life sciences and business parks in South Korea.
Li Fan, managing director at Warburg Pincus, said: 鈥淲e have built a high conviction in the long-term opportunities in South Korea鈥檚 logistics market and have strategically focused on prime assets in key metropolitan areas to address the demand-supply gap.鈥�
Kim Junghoon, CEO and co-founder of Wide Creek Asset Management, said: 鈥淭his strategic acquisition marks a major milestone for the joint venture since its establishment in 2023. As one of the largest real estate investors in Asia Pacific, Warburg Pincus has a proven track record of building and scaling multiple new economy real estate platforms and ventures.鈥�
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