TE Logis Center

241-10 Maegok-ri, Hobeop-myeon, Icheon, Gyeonggi-do, 17396, KR

Description

Jones Lang LaSalle (JLL), as the sole and exclusive advisor, is pleased to offer the investment opportunity of TE LOGIS Center on behalf of Kendall Square General Private Real Estate Trust No. 3 (the “Seller”), located at 241-10, 14 & 15 Maegok-ri, Hobeop-myeon, Icheon-si, Gyeonggi-do (the “Property”).

Completed in April 2015, the Property comprises a total GFA of 26,317m² (7,961py) which is 100% dry and fully master leased until 2029.

Located in Hobeop-myeon, Icheon-si, one of the most preferred locations as the core logistics hub, the Property offers optimal location covering Seoul Metropolitan Area and nationwide delivery. Major cities including Seoul can be accessed within a 1-hour drive through Yeongdong and Jungbu Expressways.

Currently, permits and groundbreaking for logistics centers in the southeast submarket are very limited, leading to increasing interest in stabilized assets like the Property. In addition, positive rent review or reversion is expected in thefuture.

JLL is seeking non-binding expressions of interest from interested parties to acquire the Property.

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Attributes

Building area gross

26,316 m²

Occupancy

100%

Year built

2015

Land area gross

23,114 m²

Media

Investment Highlights

TE Logis Center is located in the city of Icheon, a traditional logistics hub in Korea. Via nearby interchanges, it has excellent accessibility to Jungbu Expressway, Sejong-Pocheon Expressway, and Yeongdong Expressway, enabling comprehensive coverage of residential and transportational areas in the Greater Seoul within 1 hour as well as multiple same-day deliveries. (Deokpyeong IC: 5km - 8min, West Icheon IC: 10km - 15min, Yangji IC: 15km - 20min)

The Property has secured high investment stability through a master lease with TE LOGIS, a leading domestic 3PL company. As most newly constructed logistics centers in the Southeast submarket are configured as mixed-use properties, and new logistics supply is expected to decrease significantly from 2025, the Property comprising 100% dry storage possesses competitive advantages that will maintain stable operations and competitiveness.

The effective rents of nearby logistics centers are currently formed in the range between high KRW 20,000 and KRW 30,000 per pyeong. Therefore, there is rent upside potential in the future. The supply shortage due to increased development costs is also expected to contribute to upward pressure on rental rates.