Logos has acquired a newly constructed logistics facility in Greater Seoul for an undisclosed worth, including a second asset to the economic specialist’s portfolio in South Korea.
Known as Logos Yeoju Logistics Center, the totally dry warehouse is positioned alongside National Route 3 to the southeast of Seoul in Gyeonggi province, the corporate mentioned in a launch. Sydney-based Logos, a unit of Hong Kong-listed ESR, has secured a lease for a “substantial portion” of the 42,500 sq. metre (457,466 sq. foot) facility with one in all Korea’s largest third-party logistics corporations.
The property’s vendor is known to be a neighborhood developer. Last yr Logos acquired its first Korean asset, an ambient and chilly storage facility in Greater Seoul, below a $200 million ahead buy deal alongside a three way partnership accomplice, Canadian finance big Manulife.
“We continue to see strong demand from our regional and domestic tenant relationships for quality, well-located facilities in the Korea logistics market, and our lease is a testament to the strength of this asset,” mentioned Logos Korea head Sung Park.
More Deals Planned
Logos Yeoju Logistics Center options 4 warehousing flooring and extra mezzanine workplace house. The property targets LEED Gold certification, in line with ESG initiatives throughout the Logos portfolio, and is anticipated to be one of some LEED-certified logistics services in the nation.
“We see the current market to be a unique opportunity to invest into logistics real estate in Korea,” Park mentioned. “Logos is actively exploring opportunities to acquire additional quality assets and development land parcels in key logistics markets across Korea to support our customers.”
In August of final yr, Logos and Manulife revealed their acquisition of Logos Siheung Logistics Centre as the seed asset of a Korean core three way partnership, with an ESR-Logos non-public fund, Pan Asia Core+ Venture, additionally investing in the shed. The property, positioned in the Banwol-Sihwa National Industrial Complex southwest of the capital in Gyeonggi province, will present 100,000 sq. metres of gross ground space upon completion in early 2024, the companions mentioned.
Logos beforehand teamed with Manulife to amass a newly constructed logistics asset northeast of Ho Chi Minh City in a deal introduced in February of final yr.
Gyeonggi Grabs Spotlight
Global asset managers looking for sheds have discovered a lot to love in Gyeonggi province, which surrounds Seoul, with LaSalle Investment Management in June saying the acquisition of two warehouses in Icheon on behalf of a Korean logistics three way partnership between the agency and an unnamed Middle Eastern sovereign wealth fund.
Situated in the southeastern nook of Greater Seoul, the warehouses are run by LaSalle’s Logiport logistics arm and have a mixed gross ground space of 53,942 sq. metres. They are 65 % occupied and are anchor-tenanted below a long-term lease by one of many largest third-party logistics operators in South Korea.
In May, ESR Kendall Square REIT acquired an Icheon logistics park for $96 million, bringing the variety of property in the Korea-listed belief to 18. The six-storey Icheon Logistics Park 7 added 46,041 sq. metres of chilly and room-temperature logistics house to the portfolio.
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