ProLogis Fund Grabs 392,000 SF in Korea

ProLogis Korea Property Fund has acquired a $44.2 million distribution center in Icheon City, South Korea, it has reported. The 392,000-square-foot (36,400-square-meter), three-story facility is fully leased to a leading clothing designer and retailer that is the licensed distributor of such brands as Converse and Kappa throughout Korea. This is ProLogis’ first lease agreement with the company. “This is a key acquisition that adds to our position in South Korea’s largest distribution market, the Gyoenggi Province,” Thomas Nam, head of South Korea operations for ProLogis, said in a statement.The distribution facility is located in Icheon City, Gyoenggi Province. The province encompasses the greater Seoul metropolitan area and comprises 70 percent of South Korea’s logistics market. The building is a three-story facility with dock access on all levels. It also offers quick access to the East-West, and Central Expressway and is approximately 60 kilometers away from Seoul’s city center. In August 2007, ProLogis first entered South Korea with an acquisition near Seoul made by the ProLogis Korea Fund. As of September 30, 2008, ProLogis has 14 distribution facilities owned, managed or under development in Korea, totaling more than 4 million square feet.