LaSalle completes acquisition and fully leases Logiport West Anseong in South Korea; Continued momentum in execution of LaSalle’s logistics strategy in the Asia-Pacific region
SEOUL (October 15, 2019) — LaSalle Investment Management (“LaSalle”) announced its completion of the acquisition and leasing of Logiport West Anseong located in Anseong City, South Korea. The project’s gross floor area is 14,146 pyung (approximately 503,400 sq.ft.) and the construction was completed in December 2018.
Logiport West Anseong Highlights:
- High specification logistics facility with four-storeys of storage floors and a mezzanine floor for office use.
- 64% of gross floor area is dry storage compartments, 36% was designed for temperature-controlled storage.
- Project was significantly pre-leased from tenant demand prior to construction.
- Project has multi-tenants, anchored by the largest third-party logistics service provider (by revenue) in South Korea.
- Project has truck access to each floor without circular ramps or elevators for direct loading and unloading.
- Located in western Anseong, approximately 70 minutes from Gangnam Business District and directly near expressways for connectivity throughout Gyeonggi Province.
Steve Hyung Kim, LaSalle Investment Management Senior Managing Director, Head of Acquisition & Asset Management – South Korea commented, “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. 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. We plan to selectively develop and acquire additional logistics facilities going-forward.”
Se Hwan Oh, LaSalle Investment Management Senior Vice President, Development & Asset Management – South Korea said, “We are excited with the acquisition of Logiport West Anseong, a four-level modern mixed-use logistics property with truck access to all floors built to a high specification. With a healthy leasing market as well as the quality and location, it was significantly pre-leased with a well-diversified sector mix. We see continued demand for cold storage space in the market, and look forward to supporting the needs of our customers.”
As of today, LaSalle manages approximately US$3.9 billion AUM in industrial assets across the Asia Pacific region.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.