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CJ Logistics and Samsung SRA Asset Management Co., a real estate management affiliate of Samsung Life Insurance, have partnered to launch a real estate fund worth more than ₩740 billion or $600 million to set up new fulfillment centers and bolster their foothold in the capital region.
It was reported that CJ Logistics and Samsung SRA Asset’s goal for the collaboration is to buy fulfillment centers in and around Seoul. As per The Korea Economic Daily, the companies announced their plan last weekend, and they entered into an agreement with a contract titled “Samsung SRS private real estate fund.”
This is a type of mutual funding that mainly centers on investing in securities offered by public real estate firms. Of the ₩740 billion total, they will be putting in ₩250 billion in the form of a blind pool or a blank check offering, and ₩480 billion will be available via loans.
Moreover, CJ Logistics and Samsung SRA Asset’s joint fund will offer ₩100 billion in common stock and ₩150 billion in preferred stock. Each of the companies will provide ₩50 billion in common shares, and Samsung Securities Co., Samsung Life Insurance, and Samsung Fire & Marine Insurance will also contribute to producing Samsung SRA’s monetary part of the joint fund.
With this team-up, CJ Logistics is set to gain the momentum to scale up its foothold in the country’s capital area in the thick of the rapidly growing market in the e-commerce field. The company will also be able to grow the number of its fulfillment hubs that bring into the line process, including inventory management, packaging, and distribution.
It is also aiming to build a more tightly-knit logistics network in the targeted area. For Samsungs subsidiaries, they will benefit from the business by having CJ Logistics as a lessee in investing in real estate and management of financial yields.
“We will work with Samsung SRA, which has extensive real estate fund management experiences under its belt, to secure e-commerce logistics footholds in a consistent manner,” a company insider told KED.
Pulse News noted that CJ Logistics and Samsung SRA Asset’s fund management period is eight years. Finally, shares of the logistics firm reportedly closed at ₩132,000, which is up by 1.54% on Monday.
