January 26, 2020

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LaSalle Investment Management said Nov. 1 that it has completed the acquisition of cold storage facility Logiport West Anseong in South Korea, with the value of the deal undisclosed.

LaSalle added the facility, located some 70 kilometers from Seoul in Anseong, Gyeonggi Province, is fully leased for tenants.

This is LaSalle‘s first investment in a Korean temperature-controlled logistics storage facility, its representatives said.

An aerial view of Logiport West Anseong

“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,” said Steve Hyung Kim, LaSalle Investment Management Senior Managing Director who heads acquisition and asset management in 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.”

With a gross floor area of some 46,800 square meters, the facility features four storage floors -- comprising dry storage compartments and temperature-controlled storages -- and a mezzanine floor for office use. Trucks can get access to each floor without circular ramps or elevators, while the facility is “directly near expressways” for connectivity throughout Gyeonggi Province, according to LaSalle Investment Management.

As an independent subsidiary of Chicago-based property consultancy Jones Lang LaSalle, LaSalle Investment Management manages some $3.9 billion in industrial assets across the Asia-Pacific region. It established a Korean unit in 2002.

By Son Ji-hyoung (consnow@heraldcorp.com)