LaSalle completes development of Logiport Icheon in South Korea

LaSalle Investment Management has completed the development of Logiport Icheon, a modern logistics warehouse located in Icheon, south of Seoul.

“Despite South Korea’s e-commerce and consumer penetration fundamentals linked to a connected and dense population, there is an existing lack of modern warehouses for both tenants seeking quality space and institutional investors seeking core properties,” said Steve Hyung Kim, head of acquisitions and representative director for Korea, LaSalle Investment Management. “This presented an opportunity for LaSalle to develop its first logistics facility in South Korea.”

Situated in Icheon City located within 40 miles from Seoul’s Gangnam business district, Logiport Icheon is a 467,207-square-foot multi-story development offering tenants direct ramp access to each floor. Logiport Icheon benefits from strong transport links to major cities across South Korea, with access to major North-to-South and East-to-West national and local highways.

LaSalle acquired the 322,526-square-foot land site in February 2016 and has already completed the construction and secured leases with a number of global companies.

“Logiport Icheon was acquired and executed by LaSalle’s local platform, to underscore our regional focus of investing in logistics properties across Asia Pacific markets for the past 15 years. We plan to selectively target land acquisition opportunities in strategic locations in South Korea going forward,” said Hyung Kim.

Logiport Icheon was built for LaSalle Asia Opportunity Fund IV, the fourth in a series of opportunity funds launched by LaSalle for the Asia Pacific region. The fund is focused on building a diversified portfolio of assets in Australia, China, Japan and South Korea.