Hong Kong, July 13, 2020 – Heitman LLC (“Heitman”), a global real estate investment management firm, today announced the acquisition of the Yeoju Distribution Center A & B, two newly-developed, fully-leased, class-A warehouse facilities located in Yeoju city of the Gyeonggi province. Heitman acquired the assets on behalf of an affiliate of the firm through a local AMC.
The property is comprised of two state-of-the-art warehouse centers, with more than 65,000 of combined gross floor area. Heitman acquired the first warehouse in March 2020 and recently acquired the second warehouse. The property is located approximately 60 kilometers from Seoul’s Gangnam Business District (GBD) and is proximate to the Central Inland Expressway, providing direct access to the GBD and Busan.
“We are pleased to announce the acquisition of the Yeoju Distribution Centers,” said Yun Choi, Executive Vice President, Portfolio Manager, and Director of Heitman’s Seoul office. “The property is well-located in a strategic logistics sub-market of Greater Seoul and provides our portfolio the addition of quality logistics assets supported by credit tenants in a rapidly growing e-commerce economy.”
“In the Asia-Pacific region, we are focused on acquiring high-quality assets that will benefit from long-term secular and demographic trends and it is fitting that such properties mark our first investments in South Korea,” said Skip Schwartz, Managing Director of Heitman’s Asia-Pacific Private Equity Group. “The Korean logistics sector, propelled by e-commerce, is in the process of maturing and demonstrates a resilience amid COVID. 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.”
Founded in 1966, Heitman LLC is a global real estate investment management firm with approximately $43 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with additional offices in North America, Europe, and Asia-Pacific, Heitman’s more than 325 employees offer specialized expertise – from a specific discipline to local insight.