ProLogis Buys $86M of Korean Industrial Assets

ICHEON CITY, SOUTH KOREA-ProLogis has acquired industrial properties in three South Korean cities for $86.3 million. The acquisitions bring the Denver-based REIT’s total holdings in the country to four-million sf.

The assets are located in this city as well as Cheonan City and Milyang City. A ProLogis spokeswoman would not reveal the sellers but says that they are three separate South Korea-based third-party logistics companies.

The assets acquired Icheon, for $38.1 million, total 327,000 sf, are made up of nine facilities in a sale-leaseback transaction. In Cheonan, for $17.2 million, ProLogis acquired two buildings totaling 269,560 sf. The facilities in both of these cities are leased the third-party logistics providers.