Allen & Overy has advised ESR Group on the establishment by its South Korean platform of Korea’s first perpetual, open-ended core logistics fund, with Baker McKenzie representing APG Asset Management on its investment into the fund exceeding $400 million.

The fund was established by ESR Kendall Square (ESRKS), the Seoul-based subsidiary of ESR, the largest real asset manager in the APAC region. APG is the investment manager of the largest pension provider in the Netherlands.

The newly formed core fund portfolio includes seven trophy assets that are developed and managed by ESRKS. ESRKS and its affiliates are together the largest logistics real estate managers in South Korea, with an estimated $14 billion of assets under management and an estimated 6 million sqm of gross floor area to date.

The A&O team was led by partner Shuhui Kwok in Singapore, with support from tax partners Ka Sen Wong and Caroline Lapidus. Antitrust advice was provided by Vivian Cao, partner at Shanghai Lang Yue Law Firm (A&O’s joint operation firm in China).

The Baker McKenzie team was led by funds partner Jason Ng.