Blackstone, the world's largest alternative asset manager, is investing alongside Singapore-based ESR in Sanha Logistics Park II, a 334,000-square-meter ambient logistics center under construction in Anseong, Gyeonggi Province, South Korea. A fund managed by Blackstone Real Estate Partners acquired a majority stake through a new share subscription, while ESR retained its equity and its South Korean platform, ESR Kendall Square, continued to manage development and operations. The co-investment combines Blackstone's global capital with ESR Kendall Square's local capabilities rather than representing an exit by the existing investor. Completion is targeted for 2028. The facility is part of the Greater Seoul logistics market, which includes Incheon and Gyeonggi Province, and is positioned near the Gyeongbu Expressway and Pyeongtaek-Jecheon Expressway. Its proximity to established distribution and manufacturing clusters and substantial power capacity for logistics automation are intended to attract third-party logistics providers, e-commerce companies and retailers. The deal is Blackstone's third logistics investment and fifth overall business investment in South Korea over the past 14 months, as the asset manager seeks to capitalize on continued logistics-market growth and capital increasingly favors large, well-located assets with strong infrastructure and tenant prospects during a market correction.