October 30, 2024

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CBRE Global Investors announced on May 30 that it has purchased an undisclosed amount of stake in Logis Valley Ansan, a logistics center under construction in South Korea, from its builder Sunkyung E&C.

The stake is reportedly valued at 420 billion won ($353.1 million), but the firm did not disclose the deal amount.

Courtesy of Sunkyung E&C

Located in Sihwa Multi Techno Valley in Gyeonggi Province, Logis Valley Ansan will become a seven-story facility with some 239,000 square-meter floor space. Some 65 percent space has been booked through preconstruction contracts as of May.

Considering mezzanine floor facilities added by the tenants, the total usable area for occupation will expand to 365,000 square meters, which would represent the largest for a single-property logistics facility in Korea.

It is slated to complete construction by July this year and expects to reach full occupancy by then.

Currently two interchanges within 10-kilometer radius around Logis Valley Ansan allow easier access to Seoul, while the planned addition of one more interchange and a junction will enhance its transport links to Seoul and greater Seoul area, according to CBRE.

“Shiwha Multi Techno Valley, where Logis Valley Ansan is located, is a strategic location that can accommodate one-day delivery within the Greater Seoul Area and offers access to a large supply of manpower,” CBRE said in a statement.

CBRE signed a memorandum of understanding with Sunkyung E&C last year to collaborate in developing and acquiring both onshore and offshore logistics facilities.

Its global assets under management came to $107.2 billion as of end-March. It has been present in Korea since it acquired ING Real Estate’s Asian operations in 2011.

By Son Ji-hyoung (consnow@heraldcorp.com)