Yulchon Advised KKR and Kreate on KRW 270 Billion Acquisition of Logistics Fund Interests
2025.08.25.
Yulchon advised KKR and Kreate Asset Management (“Kreate AMC”) on the acquisition by a collective investment vehicle (the “Purchasing Fund”), established and managed by Kreate AMC with KKR as principal investor, of substantially all of the beneficiary certificates in a fund managed by J-R AMC (the “Target Fund”). The Target Fund holds a logistics center at 183 Jegi-ri, Jeongnam-myeon, Hwaseong-si, Gyeonggi-do.
This approximately KRW 270 billion transaction was funded by KKR's Asia Core Plus real estate fund through Kreate Asset Management, its Korean affiliated asset manager, and marked the starting point for KKR's full-scale build-out of a core-plus logistics portfolio in Korea. The target asset is a newly built multi-level, mixed-use logistics center completed in 2022, with a gross floor area of approximately 107,853 square meters and high-quality tenants including Samsung Electronics, Coupang and GS Retail, each with around six years remaining on their leases.
Yulchon advised on every aspect of the deal, designing and reviewing the multi-layered structure through which KKR invested via the Purchasing and Target Funds and conducting legal due diligence on both the asset and the Target Fund. Yulchon also drafted and negotiated the investment agreement among the Purchasing Fund, the existing beneficiaries and J-R AMC – governing the subscription for new certificates, redemption of existing certificates and transfer of management rights - together with the AMC transfer agreement, the documentation for refinancing the existing secured loan, and the related amendments to the Target Fund's trust agreement.
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