ProLogis Announces First Two Build-to-Suit Agreements in South Korea |
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By: ProLogis Posted: 2008-04-22 05:22:46 |
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ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has signed two new build-to-suit agreements in South Korea with Logen Express, a national parcel delivery provider, and Wonjin Logistics, a third-party logistics provider.
"These two agreements are our first build-to-suit transactions in South Korea, and we continue to see opportunities to expand that part of our business in the region," said Thomas Nam, senior vice president and head of Korean business for ProLogis. "We are very pleased to enter into business agreements with these outstanding Korean companies." The first build-to-suit will be developed for Logen Express as a 46,700-square-foot (4,400-square-meter) facility near Daejeon City in Okcheon County. The park will provide easy access to the nation's busiest highway, the Seoul-Busan Expressway. "Supply chain dynamics are strengthening in Okcheon," Nam added. "The area has competitive land costs and excellent highway access. In addition, it is at the geographical center of the Korean peninsula, enabling quick transportation routes to all areas of South Korea." Logen Express is a wholly owned subsidiary of the Eugene Group, the largest ready-mix concrete provider in the nation also specializing in construction, securities, logistics and digital media. This transaction marks the first between Eugene and ProLogis. The second build-to-suit will be developed for Wonjin Logistics as a 170,115-square-foot (15,810-square-meter) facility in Sudong, Namyangju City. This facility is located in a prime distribution location, providing ready access to the greater Seoul metropolitan area. Wonjin has signed a 10-year lease agreement with ProLogis. Wonjin Logistics is a local third-party logistics provider with operations concentrated in the southern part of Seoul. This new facility will be its first in the Northeastern market and is a part of the company's business expansion plans. This transaction marks the first between Wonjin and ProLogis. In August 2007, ProLogis Korea Fund completed the acquisition of its first asset in the region, a 108,000-square foot (10,000 square meters) distribution facility along the Seoul-Busan Expressway, outside Seoul. ProLogis currently has 14 distribution facilities owned, managed or under development in Korea, totaling approximately 4 million square feet (372,605 square meters). About ProLogis ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 118 markets across North America, Europe and Asia. The company has $36.3 billion of assets owned, managed and under development, comprising 510.2 million square feet (47.4 million square meters) in 2,773 properties as of December 31, 2007. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs more than 1,500 people worldwide. For additional information about the company, go to http://www.prologis.com. |
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