Hines expands its presence in South Korea

Hines expands its presence in South Korea
Image: Courtesy of Hines

Hines, a privately owned global real estate investment firm, will develop its second multi-story logistics center, Iljuk Logistics Center, in South Korea.

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.