Qube is adding an Anseong warehouse as its sixth asset
Qube Industrial, a Korean logistics platform backed by Warburg Pincus, has added a sixth asset to its portfolio just 15 months after the Seoul-based startup was founded.
The company led by former Oaktree and CapitaLand executive James Lim has acquired a fully leased facility in the Gyeonggi provincial city of Anseong, south of Seoul, for an undisclosed sum, according to a statement, as it strives to serve the country’s manufacturing sector.
“The acquisition of the Anseong logistics center reinforces Qube’s commitment to delivering premier logistics solutions to support the growth of South Korea’s dynamic industrial landscape,” said Lim, who serves as Qube’s CEO and co-founded the company. “The facility’s prime location, advanced features, and strong tenant profile perfectly align with our vision of creating a leading logistics platform that meets the needs of key industries, including electronics, automotive, and food manufacturing.”
Qube is acquiring the Anseong shed four months after announcing its purchase of a 42,853 square metre (461,266 square foot) warehouse in the city of Pyeongtaek, also in Gyeonggi province, as a slowdown in warehouse completions sees Korea working its way through an oversupply of logistics space.
High Ceilings, Big Roads
Qube’s five-storey acquisition spans a gross floor area of 34,216 square metres and is fully dedicated to dry storage, according to the statement. While details of occupiers were not made available, the company said the tenants have close ties to some of Korea’s largest conglomerates.
James Lim, Co-founder and CEO, QUBE Industrial
Completed in 2018, the property has ceiling heights of nine to 13 metres and what the company terms a “competitively large yard” to support streamlined logistics operations.
Located in southwestern Anseong, a popular logistics hub, the warehouse is located among key industrial and logistics corridors serving industries including as electronics, automotive and food processing, according to the statement.
The facility has direct access to Korea’s Gyeongbu Expressway (also known as Asian Highway Network #1), the country’s primary thoroughfare connecting Seoul to Busan, it also enjoys close access to the Pyeongtaek-Jecheon Expressway.
Growing Portfolio
Warburg Pincus and Seoul-based logistics specialist MQ Group teamed up to establish Qube Industrial in December 2023, originally seeding the joint venture with a portfolio of four Seoul-area warehouses.
With the Anseong acquisition, Qube has grown its portfolio to six properties totaling approximately 397,852 square metres of gross floor area, with the company focusing on Korea’s top commercial hubs.
“This acquisition highlights Qube’s strategic focus on securing high-quality logistics assets in prime markets with sustained demand,” Se Hwan Oh, chief executive of Qube Industrial AMC, the company’s asset management affiliate, said.
Qube continues to grow its portfolio as Korea show signs of filling up an overhang of Covid-era projects which had created a space glut, according to industry analysts.
“The oversupply of logistics centers is expected to gradually ease after 2025,” Cushman & Wakefield said in its Seoul logistics report for the second half of 2024. “While 1.25 million square metres is slated for completion in the first half of next year, delays in project completions may reduce actual supply.”
The consultancy noted that approvals of permits for new logistics projects fell from 21 in the first six months of 2024 to 11 in the second half, and said it expects tighter project finance regulations to prolong supply constraints.
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