DWS (formerly Deutsche Asset Management) has acquired Logiport Icheon, a prime logistics property located in Icheon, Greater Seoul, on behalf of one of its European real estate funds for KRW 61.2 billion ($57 million) in an off-market transaction.
Newly completed in May 2017, Logiport Icheon is a class A four-level logistics property covering more than 484,000 square feet. Its versatile layout comprises a number of docks, yard areas with loading capacity and ramp access to all floors. Current tenancy reflects a well-diversified sector mix including Mercedes Benz’s exclusive logistics operator in Asia, Li & Fung for Nike and Converse, and two other local third-party logistics companies. Considered one of most active logistics submarkets in South Korea, the site is located in Seoul’s Southeast District, which is approximately 31 miles from Seoul.
“Boosted by the growth of e-commerce in the region, a healthy leasing market, location and tenancy mix makes Logiport Icheon an attractive addition to our fund,” said Victoria Sharpe, head of alternatives, Asia Pacific at DWS. “This is our third logistics acquisition in Seoul; we will continue to seek quality investment opportunities, such as Logiport Icheon, in the region.”
This follows the acquisition of two other logistics facilities in South Korea in off-market transactions.
