Global ‍investment firm KKR and its affiliated ​Korean asset manager, Kreate Asset Management, said on Tuesday ⁠they have completed the purchase of Cheongna Logistics Center, ⁠which they ‌claim is South Korea's largest single-asset logistics deal.

The companies did not disclose ⁠the financial terms of the transaction.

One person with knowledge of the matter said the deal would value the Incheon-based logistics asset ⁠at slightly more than ​1 trillion won ($696 million), including debt. The source could not be ‍named as the information was confidential.

Brookfield Asset Management, ​which sold the logistics centre to the KKR-led consortium, did not immediately respond to a Reuters request for comment.

The 4.6-million-square-foot facility, completed in 2022, is fully leased and strategically located within the Greater Seoul metropolitan area, KKR said.

The acquisition was carried out through funds managed by KKR and ⁠Kreate, with the latter taking ‌over management and operations of the property, the New York-headquartered firm said in the ‌release.

(Reporting by ⁠Kane Wu in Hong Kong and Ruchika Khanna ⁠in Bengaluru; Editing by Rashmi Aich)