International Real estate firm Hines has announced the development of its second logistics development, named Iljuk Logistics Center, in South Korea.
Located on the border of Anseong and Icheon, the new four-storey logistics centre will target both dry and cold storage users.
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The one million ft2 logistics centre will feature floor loads more than two tonnes, height of more than 30ft, demising options as well as truck access to all levels of the building.
The company stated that the new logistics development will target LEED Certification.
Construction work on the new on logistics centre is anticipated to commence in the first quarter of 2023.
In the fourth quarter of last year, the company broke ground on Namyang Distribution Center in South Korea.
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By GlobalDataHines managing director Drew Huffman said: “South Korea is a key growth market for Hines globally and Iljuk Logistics Center is a great addition to our growing logistics portfolio in Asia Pacific. Over the last five years, we have seen a significant spike in e-commerce growth and exponential demand growth for new logistics space.
“We look forward to continuing to expand this product offering in South Korea and the Asia Pacific region.”
Last month, the company revealed the preliminary details of the development components at the former PG&E site in downtown San Francisco, US.
50 Main, the planned multifamily component, joins the previously announced 200 Mission office tower redevelopment, new 1.25-acre park and historic complex renovation to complete the Hines’ vision for the complete block.
It will feature around 800 apartments, which includes 20.5% affordable apartments.
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Illustration of the new Iljuk Logistics Center in South Korea. Credit: Hines.
