Warburg Pincus has announced an investment in a South Korean industrial joint venture as part of its Asia Pacific real estate strategy. The US private equity firm is partnering with Seoul-based logistics provider and warehouse developer MQ to establish Qube Industrial, which will be seeded with a portfolio of four warehouses in the Seoul area. The move comes as tenants took up a record 1.2 million square feet of grade A warehouse space in the Seoul area in Q3 2023, the highest quarterly total ever recorded by JLL. This surge in demand is driven by rising e-commerce and third-party logistics demand. Qube Industrial’s seed portfolio comprises over 300,000 square metres of top sub-market warehouses around Seoul, including both existing and development assets. Local partner MQ launched in 2000 and now has around $2bn of assets under management, spanning more than 1.4 million square metres in Greater Seoul and Busan.
