LaSalle buys two warehouses in South Korea

LaSalle Investment Management has acquired two warehouses in Icheon, South Korea, on behalf of a Korean logistics joint venture between the firm and an unnamed Middle Eastern sovereign wealth fund, reported Mingtiandi.

Situated in the southeastern corner of Greater Seoul, the warehouses, Logiport Bubal Center-1 and Logiport Bubal Center-2, total a combined gross floor area of 53,942 square meters (580,627 square feet). They are 65 percent occupied and are anchor-tenanted under a long-term lease by one of the largest third-party logistics operators in South Korea.