Hines made an announcement of developing Namyang Logistics Center in South Korea; the real estate’s firm will mark its presence in South Korea as a second project in past six months.
The building is 460,000 square feet (42,735 square metres) and provides access to over 20 million people within 30 miles, Houston-based Hines said in a release. “Hwaseong is a strategic submarket for us as the fastest-growing city in the Greater Seoul area, and this Hines quality development will give a superior advantage to our future tenants to better serve the region and meet consumer demand,” said Harry Lee, director at Hines.
The latest project is a joint venture and a strategic on-off investor with whom we have done deals in the past and expect to do more with them in Asia going forward. “Over the last five years, we have seen a significant spike in e-commerce growth in Korea and an uptick in demand for logistics and the need for more temperature-controlled warehousing throughout the region,” Huffman said. “We look forward to continuing to expand this product offering in South Korea and the Asia Pacific region as we grow our real estate portfolio.”
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