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GIC to buy 2 South Korean distribution centers for US$570M

GIC Pte. Ltd. will acquire two prime-grade distribution centers in Gyeonggi Province, Greater Seoul area in South Korea from developer K-Eco Logis Co. Ltd. for US$570 million.

The Singaporean wealth fund will buy Blocks A and B of Hwaseong Dongtan Logistics Complex through a real estate fund managed by ADF Asset Management Co. Ltd. from the Halla Corp. unit. Both properties are fully occupied under long-term leases, GIC said in a release.