Mapletree Logistics Trust acquiring Seoul warehouses for $46 mil

SINGAPORE (Nov 8): Mapletree Logistics Trust is acquiring Wonjin Logistics Centre, a logistics property in South Korea, for KRW37.85 billion ($46.4 million).

The property comprises two blocks of multi-tenanted dry warehouses with a total gross floor area (GFA) of about 29,325 sqm and land area of 31,055 sqm. It is located in Gyeonggi-do which is popular with third-party logistics service providers (3PLs) and distributors due to its proximity to Seoul and easy accessibility.

Developed over two phases (Block A and Block B) in 2007 and 2018, the property has floor-to-ceiling height of 9.5 metres and floor loading capacity of up to 3 tonne/sqm. Block A, with a GFA of about 21,065 sqm, is designed with cross-docks.  Block B, with 8,260 sqm of GFA, is designed with enhanced features such as direct ramp access to all floors as well as dual-layer walls to minimise dew condensation.

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