LaSalle Completes Development of Logiport Icheon in South Korea
SEOUL (December 05, 2017) — LaSalle Investment Management (“LaSalle”) today announced the completion of Logiport Icheon, a modern logistics warehouse located in Icheon, south of Seoul. Tour the asset in virtual reality here: http://721.gigacre.com/tour/b8395e837cf396f6
Situated in Icheon City located within 40 miles from Seoul’s Gangnam business district, Logiport Icheon is a 467,207 sq ft, multi-storey development offering tenants direct ramp access to each floor. Logiport Icheon benefits from strong transport links to major cities across South Korea, with access to major North-to-South and East-to-West national and local highways.
LaSalle acquired the 322,526 sq ft land site in February 2016 and has already completed the construction and secured leases with a number of global companies.
Steve Hyung Kim, Head of Acquisitions and Representative Director for Korea, LaSalle Investment Management, said: “Despite South Korea’s e-commerce and consumer penetration fundamentals linked to a connected and dense population, there is an existing lack of modern warehouses for both tenants seeking quality space and institutional investors seeking core properties. This presented an opportunity for LaSalle to develop its first logistics facility in South Korea.
He added: “Logiport Icheon was acquired and executed by LaSalle’s local platform, to underscore our regional focus of investing in logistics properties across Asia Pacific markets for past 15 years. We plan to selectively target land acquisition opportunities in strategic locations in South Korea going-forward.”
Logiport Icheon was built for LaSalle Asia Opportunity Fund IV, the fourth in a series of successful opportunity funds launched by LaSalle for the Asia Pacific region. The fund is focused on building a diversified portfolio of assets in Australia, China, Japan and South Korea.
LaSalle has a strong history of developing and managing logistics assets across the Asia Pacific region, and currently manages approximately US$2.6 billion AUM in high-quality industrial assets across the region.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $59.5 billion as of Q2 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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