 |
| Photo = IGIS Asset Management Headquarters |
[Alpha Biz= Kim Jisun] Seoul, Korea – IGIS Asset Management announced plans to sell the Hwaseong Central Distribution Center (CDC), a large-scale logistics facility with a total floor area of 107,009㎡ (approximately 323,700 pyeong). The property, fully leased by a global manufacturing group affiliate, is regarded as a prime logistics asset in the Seoul metropolitan area. With Gyeonggi Province recently tightening regulations on new logistics warehouse developments, market experts expect the value of existing facilities like Hwaseong CDC to rise.
According to investment banking sources on September 3, IGIS Asset Management has appointed Deloitte Anjin and Savills Korea as joint advisors to manage the sale process. A teaser letter will soon be distributed to potential buyers. The estimated transaction value is expected to exceed KRW 200 billion in the mid-range.
Completed in November 2023, Hwaseong CDC consists of two ambient-temperature logistics centers, spanning from two basement floors to three above-ground floors. With a maximum warehouse floorplate of around 24,100㎡ (7,290 pyeong), the facility is well-suited for automation and large-scale logistics operations. A natural slope design allows truck access to every floor, enhancing operational efficiency. The center has been 100% leased since completion, ensuring stable rental income.
Strategically located in the western metropolitan corridor (Incheon–Dongtan), Hwaseong CDC benefits from proximity to key industrial clusters in automotive, machinery, and pharmaceuticals, as well as nearby ports and logistics hubs. Accessibility to Seoul’s Gangnam Business District (GBD) and downtown areas within one hour further boosts its attractiveness.
Recent regulatory changes by Gyeonggi Province, including stricter warehouse construction guidelines—requiring facilities to be under 100 meters in length and at least 500 meters away from residential zones—are expected to reduce future supply of new logistics centers. This regulatory environment is likely to increase demand for existing facilities such as Hwaseong CDC, particularly in regions with historically limited logistics infrastructure.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
