Heitman acquires two warehouse facilities in Yeoju city, South Korea

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/ EdgeProp Singapore
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July 14, 2020 2:23 PM SGT
EDGEPROP SINGAPORE - Heitman acquires two warehouse facilities in Yeoju city, South Korea
US-based real estate investment management firm Heitman has acquired two newly-developed, fully-leased, class-A warehouse facilities in Yeoju city, Gyeonggi province in South Korea.
The property is located about 60km from Seoul’s Gangnam Business District (GBD), and has direct access to the GBD and Busan via the Central Inland Expressway.
The property comprises two state-of-the-art warehouse centres, with more than 65,000 sq ft of combined gross floor area. Heitman acquired the first warehouse in March and the second warehouse recently, the firm said.
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“The Korean logistics sector, propelled by e-commerce, is in the process of maturing and demonstrates a resilience amid Covid-19,” says Skip Schwartz, managing director of Heitman’s Asia-Pacific Private Equity Group.
“The acquisition of the Yeoju Distribution Centers diversifies our Asia-Pacific portfolio with prime logistics assets that will benefit from the demographic trends underpinning the continuous expansion of e-commerce and subsequent demand for modern logistics space,” he adds.
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