According to the ministry, the development will consist of two facilties. The state-run Korea Land Corp. will manage the development of the 1.4 million square feet in Bucheon, west of Seoul, and Gyeonggi Urban Innovation Corp. will manage the 5.7 million square feet in Anseong, south of the capital.
The deal is part of an effort by the government to raise South Korea's standing in East Asia and a distribution hub. "The deal will help boost Korea's logistic infrastructure and contribute to job creation," said Deputy Minister for Investment Policy Hong Suk-woo in a statement, as
reported by the Korean Overseas Information Service.
ProLogis, a REIT based in Denver, already sports a vast international industrial real estate presence. Currently the company owns or controls roughly 483 million square feet of industrial space in 105 markets in North America, Asia and Europe.
The company is already quite active in Korea. Earlier this year, ProLogis Korea Fund was established as a closed-end fund with a total expected capitalization of about $500 million, including $250 million of equity, to invest in Korean industrial properties. The first acquisition by the fund last summer was a 108,000 square-foot, fully leased
distribution facility along the Seoul-Busan Expressway outside Seoul.
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source: commercialpropertynews.com
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