Singapore's GIC invests in logistics

SINGAPORE: Singapore sovereign investor GIC said on Wednesday it has invested in a real estate fund which acquired the Hyundai Logistics Distribution Center in Incheon, South Korea, from its developer LogisKowel for $130 million.

The 126,708 square meter dry storage logistics centre was completed in April and is fully master-leased to Hyundai Logistics for 15 years, GIC said in a statement.

The sovereign investor manages $344 billion in assets, according to the Sovereign Wealth Fund Institute. The real estate fund is managed by ADF Asset Management Co Ltd, an asset management company specialised in South Korea's logistics sector.