(SEOUL) – Hines, the international real estate firm, today announced the development of Iljuk Logistics Center in South Korea. The project represents the third cold storage and fourth logistics development for Hines in the Asia Pacific region in the last year.
The one million-square-foot, four-story logistics center is located on the border of Anseong and Icheon, the primary distribution submarket of greater Seoul with convenient connectivity to 20 million people within 30 miles. This multi-story center will target both cold and dry storage users, last-mile logistics providers and will feature clear heights of over 30 feet, floor loads exceeding two tons, ample demising options and truck access to all levels of the building. The development will also target LEED Certification.
“Anseong is a strategic distribution submarket for us and a new Hines development will give a superior advantage to our future tenants to better serve the region and meet consumer demand,” said Harry Lee, director at Hines.
Hines has significantly expanded its acquisition and development presence in South Korea in the last 12 months. Iljuk Logistics Center represents the second Hines logistics development underway in the Seoul Metropolitan Area, following Namyang Distribution Center which broke ground in the 4th quarter of 2021.
“South Korea is a key growth market for Hines globally and Iljuk Logistics Center is a great addition to our growing logistics portfolio in Asia Pacific. Over the last five years, we have seen a significant spike in e-commerce growth and exponential demand growth for new logistics space,” said Drew Huffman, managing director at Hines. “We look forward to continuing to expand this product offering in South Korea and the Asia Pacific region.”
Construction on Iljuk Logistics Center is expected to begin in Q1 2023.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.