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ICHEON CITY, SOUTH KOREA-ProLogis has acquired industrial properties in three South Korean cities for $86.3 million. The acquisitions bring the Denver-based REIT’s total holdings in the country to four-million sf.

The assets are located in this city as well as Cheonan City and Milyang City. A ProLogis spokeswoman would not reveal the sellers but says that they are three separate South Korea-based third-party logistics companies.

The assets acquired Icheon, for $38.1 million, total 327,000 sf, are made up of nine facilities in a sale-leaseback transaction. In Cheonan, for $17.2 million, ProLogis acquired two buildings totaling 269,560 sf. The facilities in both of these cities are leased to third-party logistics providers.

The Milyang facility, bought for $31 million and totaling 292,330 sf, is two stories and leased to a local retail company.

“Milyang has the potential to rival traditional logistics hubs like Busan and Yangsan,” says Tony Yoon, senior marketing manager for ProLogis, in a press release. “Access to land in those areas is becoming more challenging, while recent improvements in infrastructure and close proximity to two of South Korea’s largest cities have made Milyang an increasingly attractive distribution hub.”

Last month ProLogis, which owns 526.3 million sf of industrial facilities around the globe, announced that it is building its first two build-to-suit developments in South Korea. One is a 170,115-sf facility in Sudong and another is a 46,700-sf project outside of Daejeon City.

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