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South Korean buyout firm VIG Partners has sold two logistics centers owned by its portfolio company Foodist as part of efforts to make partial exits from its investments.

VIG Partners has recently sold Foodist's two logistics centers to CapitaLand, a Singapore-based property investment firm, for 120 billion won ($100 million), according to industry sources on Tuesday. The restaurant company will lease the logistics centers back after the sale.

VIG Partners acquired Foodist from Hanwha for about 100 billion won in November 2019 through its third blind-pool fund as part of its bolt-on strategy. The PE firm has offloaded two logistics centers alone at a price higher than it paid for the whole company two years ago.

Back then, Hanwha and VIG Partners valued Foodist based on its business, with little focus on real estate assets the company owned.

The PE firm started to explore options for Foodist’s logistics centers amid growing interest in logistics warehouses among property investors. Of Foodist’s six logistics centers, Icheon and Gyeongin logistics centers are relatively new that had been completed only two years ago. The facilities are located in the Seoul metropolitan area while equipped with cold chain warehouse system for the entire process from warehousing and storage to delivery.

VIG Partners has been active in making investments and exits so far this year. The buyout firm invested in The Skin Factory, which operates its flagship beauty brand Kundal, and Bio Energy Farm Asan, a Korean organic waste disposal company, earlier this year. The PE firm’s fourth fund, which closed at 950 billion won in 2020, has spent around 50% of its committed capital.

VIG Partners also completed a 60 billion won recapitalization of Korean fried chicken franchise Bonchon in June and a 150 billion won recapitalization of Preedlife.

The buyout firm bought the mid-sized funeral service company Jounlife in 2016 and acquired Preedlife, the largest player in the industry, in 2020. The two companies were combined earlier this year to create the country’s biggest funeral service provider. (Reporting by Hee-yeon Han)