LaSalle Expands Korean Industrial Footprint
- Oct 17, 2019
LaSalle Investment Management has purchased and leased up Logiport West Anseong, a large-scale industrial property in Anseong City, South Korea. The property totals more than 500,000 square feet of industrial space and came online in last December.
The facility has four stories of storage space, split between 64 percent dedicated to dry storage and 36 percent for temperature-controlled storage, with a mezzanine floor for office use. The Logiport West Anseong purchase represents LaSalle’s first temperature-controlled storage property in South Korea. The asset also has truck access to each floor without circular ramps or elevators for direct loading and unloading.
Logiport West Anseong benefits from being roughly 70 minutes away from Gangnam Business District, one of Seoul’s largest economic centers. And due to its strong location, the property has attracted multiple tenants and is anchored by South Korea’s largest third-party logistics service provider.
Se Hwan Oh, LaSalle’s senior vice president of development & asset management in South Korea, added that the property was significantly preleased to a diverse mix of tenants.
LaSalle’s acquisitions in Asia
Steven Hyung Kim, LaSalle’s senior managing director & head of acquisition and asset management in South Korea, said the company will continue their expansion into the South Korean logistics market because they believe that the growth of e-commerce and logistics service providers will drive tenant demand.
With the completion of the Logiport West Anseong deal, LaSalle owns $3.9 billion in industrial assets across the Asia-Pacific market. The company also has several other projects in the pipeline in the rest of the region.
In March, LaSalle and its joint venture partner Lum Chang Holdings topped out Tekka Place, its mixed-use development in Singapore that will include 320 apartments and 70,000 square feet of retail space. In June, the company also began construction on five new logistics developments throughout China that total more than 3.8 million square feet.