Amazon To Sell €400M Of Warehouses To Korean Investor
Amazon is in exclusive talks to sell a portfolio of three European warehouses to the Korean Investment Corp., according to Estates Gazette.
The three warehouses are in Bristol in the U.K., Barcelona and Paris. All three are multi-storey, and among the most state-of-the-art in Amazon’s portfolio.
The 5M SF portfolio will be sold for around €400M, reflecting a yield of around 4%. Amazon will lease the warehouses back once the sale is complete.
KIC has around $134B of assets under management, and is just one of a multitude of Korean investors making a big push into U.K. and European real estate this year, driven by a relaxation of regulation around investing overseas and the strong value of the won against the pound and the euro.