Blackstone and ESR Announce Strategic Investment in Prime Korean Logistics Development

Sanha Logistics Park II, a 334,000 sqm prime logistics development in South Korea’s Seoul Metropolitan Area

SEOUL, SEPTEMBER 10, 2026 – Blackstone (NYSE: BX) and ESR today announced that funds managed by Blackstone Real Estate Partners (“Blackstone”) have invested in a majority interest in Sanha Logistics Park II, a prime dry storage logistics development in South Korea’s Seoul Metropolitan Area, through a primary share issuance. ESR will remain an investor and continue to serve as development manager and asset manager through ESR Kendall Square, its South Korean platform.

Spanning 334,000 square meters, Sanha Logistics Park II is currently under construction and is expected to be completed in 2028. The development is strategically positioned along the Gyeongbu Expressway, Korea’s main highway corridor connecting Seoul and Busan, within an established distribution and manufacturing hub serving many major Korean conglomerates. Designed with significant power capacity, the facility will support advanced warehouse automation and the evolving supply chain requirements of leading 3PL providers, e-commerce platforms, and retailers.

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.”

Blackstone is a long-term investor in South Korea, with significant Real Estate and Private Equity franchises. This marks the firm’s third logistics investment and fifth investment announcement across businesses in the last 14 months, underscoring its continued commitment to the market.