LaSalle's First Cold Storage Logistics Facility in Korea
Continued momentum in execution of LaSalle’s logistics strategy in the Asia-Pacific region under the “Logiport” brand, and .
LaSalle Investment Management has announced its completion of the acquisition and leasing of Logiport West Anseong located in Anseong City, South Korea. The project’s gross floor area is 14,146 pyeong (approximately 503,400 sq.ft.) and the construction was completed in December 2018.
Logiport West Anseong highlights:
-- High specification logistics facility with four-storeys of storage floors and a mezzanine floor for office use.
-- 64 percent of the gross floor area is dry storage compartments with the remaining 36 percent designed for temperature-controlled storage.
-- Project was significantly pre-leased from tenant demand prior to construction.
-- Project has multi-tenants, anchored by the largest third-party logistics service provider (by revenue) in South Korea.
-- Project has truck access to each floor without circular ramps or elevators for direct loading and unloading.
-- Located in western Anseong, approximately 70 minutes from Gangnam Business District and directly near expressways for connectivity throughout Gyeonggi Province.
Steve Hyung Kim, LaSalle's senior managing director, head of acquisition & asset management – South Korea, commented, “We are pleased with the acquisition and leasing completion of Logiport West Anseong, LaSalle’s first warehouse investment with temperature-controlled storage capabilities in South Korea. We believe the growth in e-commerce and logistics service provider sectors will continue to drive occupier demand, especially for the higher quality modern warehouses in 'last mile' locations. We plan to selectively develop and acquire additional logistics facilities going forward.”
Oh Se-hwan, LaSalle's senior vice president, development & asset management – South Korea, said, “We are excited with the acquisition of Logiport West Anseong, a four-level modern mixed-use logistics property with truck access to all floors built to a high specification. With a healthy leasing market as well as the quality and location, it was significantly pre-leased with a well-diversified sector mix. We see continued demand for cold storage space in the market, and look forward to supporting the needs of our customers.”
As of Nov. 1, LaSalle manages approximately US$3.9 billion AUM in industrial assets across the Asia Pacific region. On a global basis, LaSalle managed approximately $67.8 billion worth of assets in private and public real estate property and debt investments as of the second quarter of 2019.