Global shed giant ProLogis has increased its exposure to the Korean logistics market with the purchase of a $44.2m (£27.2m) distribution centre in Icheon City, South Korea.
ProLogis has bought a 392,000 sq ft property leased to an unnamed clothing designer and retailer which distributes brands including Converse and Kappa throughout the country. It was purchased for its ProLogis Korea Fund which owned 14 properties totalling 4m sq ft at the end of September.
Thomas Nam, head of South Korea at ProLogis said: ‘This is a key acquisition that adds to our position in South Korea's largest distribution market, the Gyoenggi Province.’
The Gyoenggi Province includes the greater Seoul metropolitan area and comprises 70% of South Korea's logistics market