Kendall Square Asset Management has acquired Amazon’s logistics center in Prague, a local business daily reported Nov. 11.
“The company paid 180 billion won ($155 million) for the logistics center located 4 kilometers away from Prague’s international airport,” Kendall Square CEO Kim Koo-young was quoted as saying by the Maeil Business Newspaper. “The Czech Republic has a good sovereign rating, AA-, and the logistics center has a locational advantage (as) it covers Germany’s southeastern area, including Munich.”
Founded in 2014 as the South Korean subsidiary of e-Shang Redwood or ESR, a pan-Asia logistics real estate developer and operator, Kendall Square has invested extensively in domestic and overseas logistics centers. In Korea, it has funded 27 centers covering 2.2 million square meters. ESR went public in Hong Kong in the second-largest IPO in the Hong Kong stock market this year.
In July, the company bought a logistics center used by Lotte Global Logistics for 320 billion won. The company plans to diversify its portfolio by investing in both domestic and overseas logistics facilities as well as office buildings and data centers, Kim added.
By Park Ga-young (firstname.lastname@example.org)