A major deal has recently transformed the logistics landscape in Greater Seoul, South Korea, with the acquisition of two advanced warehouse facilities for $450 million USD. This strategic investment, involving a partnership with a Middle Eastern fund, signifies a significant advancement in the region’s logistics capabilities.
The two newly acquired facilities, situated in Anseong, feature a combined gross floor area (GFA) of 385,946 square meters. Designed with cutting-edge specifications, these warehouses offer exceptional leasable area efficiency, including expansive yards and direct ramp access to each floor. This design feature sets them apart from others that use circular ramps, resulting in an impressive 99% leasable area efficiency.
Centre-A, covering 187,226 square meters, was completed in June 2023 and is fully occupied with a weighted average lease expiry (Wale) of 4.35 years. Centre-B, finished in July 2024, spans 198,718 square meters and also enjoys full occupancy, with a Wale of 4.55 years. Both facilities will be known as Logiport Anseong Centre-I and Logiport Anseong Centre-II, respectively.
These facilities host four key tenants from various industries, including semiconductor, pharmaceutical, beauty, and consumer goods. This investment follows a previous acquisition in Icheon and aligns with a broader strategy to enhance and modernize logistics infrastructure.
Plans for future upgrades include sustainability initiatives that will further improve the facilities’ efficiency and environmental impact. This investment highlights the growing emphasis on modern, efficient logistics solutions and reinforces the importance of high-quality warehouse spaces in optimizing global supply chains.
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