Blackstone (BX) and ESR said Thursday that funds managed by Blackstone Real Estate Partners acquired a majority interest in Sanha Logistics Park II, a dry storage logistics development in South Korea's Seoul Metropolitan Area.

The investment was made through a primary share issuance, according to a statement Thursday. Spanning 334,000 square meters, the logistics park will likely be completed in 2028.

ESR will retain a minority stake in the joint venture and oversee asset management and development through its domestic South Korean arm, ESR Kendall Square, the companies said.

The move marks Blackstone's third logistics investment and fifth investment announcement across businesses in South Korea in the last 14 months. It reinforces logistics as "our high-conviction real estate theme globally," Chris Kim, head of Blackstone's real estate business in South Korea, said.