New logistics park in South Korea
ESR-Kendall Square, the South Korean subsidiary of the ESR Group, an APAC-focussed logistics real estate developer, has completed the Geomdan Logistics Park, a 150,000 sqm logistics complex in South Korea’s Gimpo market. With this latest addition, ESR has delivered close to 800,000 sqm of logistics space in major markets in South Korea over the past twelve months.
The new logistics centre about 10 km away from Seoul’s Gimpo International Airport, and 30 km from Seoul’s central business district. The facility aims at e-commerce, 3PL and other tenants. To date, leases have been signed with a global 3PL company, a food and beverage manufacturer and distributor and a major convenience store operator.
ESR is banking on a growing market, as a recent press release said: "Backed by the local government, South Korea’s logistics market is expected to double its size to USD 15.6 billion (KRW 20 trillion) by 2026." (sh)