ProLogis, the Denver-based industrial property investment firm, has acquired a 392,000-square-foot distribution warehouse in Icheon City, South Korea, for $44.2 million.
The deal was made through the firm’s $500 million South Korea-dedicated fund, the ProLogis Korea Fund, which closed last year.
According to a statement, the three-story property is already fully leased to a clothing designer and retailer, which distributes brands such as Converse and Kappa throughout Korea.
Thomas Nam, head of South Korea operations for ProLogis, said the firm was continuing its expansion in the country, particularly the Gyoenggi Province, which comprises 70 percent of South Korea's logistics market.
The property has dock access on its three levels and is 60 kilometers from Seoul. At the time of launching the Korea Fund in 2007, ProLogis chief executive officer Jeffrey Schwartz said South Korea was becoming increasingly important as a centre for global manufacturing and trade.
The closed-ended Korea fund has an initial life of 15 years.