Stonepeak-Backed Equalbase Developing $58M Greater Seoul Facility

Logistics builder Equalbase on Thursday announced its acquisition of a freehold land plot southeast of Seoul, with the company planning to develop a warehouse at a total cost of KRW 79 billion ($58 million).

The Icheon-Baeksa project will comprise 41,800 square metres (449,931 square feet) of gross floor area across a six-storey building, Singapore-headquartered Equalbase said in a release. The site lies near National Route 3, South Korea’s main north-south artery, said Equalbase, a portfolio company of US private equity firm Stonepeak.

The development is being supported by Amberock Korea II, a fund managed by Equalbase’s Northmod investment arm, and is scheduled to be completed and fully operational in the first quarter of 2026. The fund’s backers weren’t disclosed.

“This investment provides us with a unique opportunity to support the development of a high-quality asset in a strategic location,” said Equalbase CEO Nicholas Bischoff. “We are very confident in the long-term prospects and resilience of the warehouse and logistics market in Korea. We look very much forward to working alongside our Korean partners to bring this project to fruition.”

Last-Mile Speed

The planned warehouse is meant to enable swift last-mile delivery for e-commerce, retail and third-party logistics operations serving a customer base in the Seoul metropolitan area.

The project is tapping both debt and equity via Amberock Korea II to optimise the capital structure, according to Northmod managing partner Paul Lee.

“Korea is a highly attractive investment market for us,” Lee said. “We believe that the current economic and financial landscape has created great opportunities to enter through flexible capital solutions on a market risk-adjusted basis.”

The development gives Equalbase three projects in South Korea, including a warehouse near the port of Pyeongtaek in Gyeonggi province with 731,945 square feet of gross floor area.

Regional Ramp-Up

Equalbase’s latest milestone comes after the developer began construction in January of a MYR 300 million ($63.6 million) warehouse as the firm’s first carbon-neutral logistics facility in Malaysia’s Penang. Located in Val d’Or in the mainland section of the state, the new shed will span more than 600,000 square feet of gross floor area on a 4.6 hectare (11.4 acre) site.

The builder last year hooked up with Malaysian conglomerate Sunway Group on the 103° logistics project in Johor. Named after the southern Malaysian state’s longitude, the MYR 8 billion ($1.7 billion) development is 5 kilometres from the Malaysia-Singapore Second Link bridge connecting the two Southeast Asian countries in Sunway City Iskandar Puteri township.

Equalbase also has a pair of logistics centres in its home patch of Singapore.