ESR develops last-mile facility in Incheon
ESR has signed the agreement on a development joint venture named ESR-KS II with APG and Canada Pension Plan Investment Board.
ESR-KS II will be seeded initially with a prime land site situated in Incheon City, on which a large-scale, multi-tenant facility with a gross floor area of 154,422 sqm and a gross value of approximately KRW 240 billion (approximately USD 197 million) will be developed. The facility is intended to serve as a last-mile distribution centre to support the robust logistics demand in Incheon City.
Thomas Nam, CEO of ESR-Kendall Square, ESR’s South Korean platform, said, “We are very pleased to have received strong support from our longstanding partners, APG and CPP investments. E-commerce breakthroughs and a shortage of modern warehousing space are fuelling the continued growth of the logistics sector in the country." (mw)