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SEOUL, KOREA-In what company CEO Hamid Moghadam terms “a logical step,” AMB Property Corp. is enhancing its Asian distribution network by building a 363,000-sf logistics complex next to the cargo loading area of Incheon International Airport.

“As the world’s second largest airport as measured by cargo volume, Incheon International is the primary logistics hub serving Korea and greater Northeast Asia,” Moghadam says. “Our expansion into this market is a logical step as we continue to offer modern distribution facilities in our major gateway markets throughout Asia, Europe and North America.”

San Francisco-based AMB owns nine million sf of distribution space throughout Asia in China, Japan and Singapore, but the AMB ICN Logistics Center will represent the real estate investment trust’s inaugural venture onto the Korean peninsula.

“As the first third-party development at Incheon, we will be meeting pent-up demand for logistics space,” predicts Guy Jaquier, AMB’s president for Europe and Asia. “AMB ICN Logistics is ideal for domestic delivery, international air delivery and freight forwarding companies looking to locate at this world-class airport.” Jaquier says he believes AMB’s experience in developing and running industrial properties will ensure that the new facility incorporates modern design and efficiency elements to help tenants pass their cargo through the complex seamlessly.

Despite its massive size already, Incheon International Airport is undergoing another expansion that officials estimate will allow for cargo-handling capacity of 4.5 million metric units by next year. Incheon International Airport Corp. CEO Jae Hee Lee says AMB’s project, will “further position the airport as a primary air cargo hub.”

AMB did not release pricing figures related to the complex, which is being built by Hyundai Engineering & Construction.

AMB officials say the REIT is opening an office in Seoul to oversee the development of the cargo facility and to pursue other investments in the country. AMB already has offices in China, Japan and Singapore. Globally, the entity owns or has a financial stake in 1,088 buildings situated in 39 markets and 12 countries. The Korean project will be located in the Incheon Free Economic Zone.

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