ProLogis to Do Build-to-Suits in South Korea

ProLogis has signed two new build-to-suit agreements in South Korea with Logen Express, a national parcel delivery provider, and Wonjin Logistics, a third-party logistics provider, it reported today. These are the first build-to-suit transactions in South Korea for the industrial property giant, according to Thomas Nam, senior vice president and head of Korean business for ProLogis.The first build-to-suit will be developed for Logen Express as a 46,700-square-foot facility near Daejeon City in Okcheon County. The park will provide easy access to the nation’s busiest highway, the Seoul-Busan Expressway. “Supply chain dynamics are strengthening in Okcheon,” Nam added in a statement. It is at the geographical center of the Korean peninsula, permitting optimal transportation routes to all areas of South Korea.The second build-to-suit will be developed for Wonjin Logistics as a 170,000-square-foot facility in Sudong, Namyangju City. This facility provides access to the greater Seoul metropolitan area. Wonjin has signed a 10-year lease agreement with ProLogis. Wonjin Logistics is a local third-party logistics provider with operations concentrated in the southern part of Seoul. This new facility will be its first in the Northeastern market and is a part of the company’s business expansion plans. ProLogis currently has 14 distribution facilities owned, managed or under development in Korea. These total approximately 4 million square feet.