Aegis Asset Management Sells Arenaseu Yeongjong for 435 Billion Won...Culmination of 7-Year Development Project

Successful Sale of First Logistics Development Project
Overcoming the COVID-19 Crisis and Achieving Early Stabilization
Differentiation Through LEED GOLD Certification and Premium Amenities

Aegis Asset Management has successfully completed the full cycle from development to operation and sale by selling the Arenaseu Yeongjong air cargo logistics center on Yeongjong Island in Incheon for 435 billion won.

According to the investment banking industry on February 10, Aegis Asset Management recently completed the sale of Arenaseu Yeongjong. This transaction involves the first logistics center development project undertaken by Aegis Asset Management, and it is a case in which the company succeeded in the final sale seven years after launching the project in 2018.

Arenaseu Yeongjong, located in Unbuk-dong, Jung-gu, Incheon.

Arenaseu Yeongjong is an extra-large air cargo logistics center with six above-ground floors and a total floor area of 186,095 square meters, located in Unbuk-dong, Jung-gu, Incheon. It is adjacent to Incheon International Airport and provides one-hour access to downtown Seoul via the Incheon International Airport Expressway, while the Second Gyeongin Expressway offers access to major cities in the greater Seoul metropolitan area. The building is designed so that vehicles can enter every floor, which enhances loading, unloading, and movement efficiency, and all floors are configured as ambient-temperature space, enabling the center to handle both air cargo and e-commerce cargo volumes simultaneously.

In this project, Aegis led the entire development cycle, from land acquisition and attracting foreign investment to design, licensing, construction management, and leasing. After construction began in 2019, the company went through the COVID-19 pandemic and faced difficulties in attracting tenants immediately after completion due to a shortage of trade and cargo volumes, but it achieved on-time completion in 2021 without any additional construction costs or extension of the construction period.

In particular, despite challenging market conditions, Aegis directly marketed to and attracted high-quality tenants such as global luxury brands, logistics companies, and bio companies, achieving early stabilization. It built a diversified leasing structure that reduced dependence on specific tenants, and the current occupancy rate remains close to 100%.

Aegis also introduced a wide range of eco-friendly features at Arenaseu Yeongjong to set a new benchmark for premium logistics centers in Korea. By installing rooftop solar power generation facilities and incorporating energy efficiency systems, the project obtained LEED GOLD certification, a global green building certification, in 2023. LEED (Leadership in Energy and Environmental Design) is the world's most widely used green building certification program operated by the U.S. Green Building Council (USGBC), and it is rare for a logistics center in Korea to receive LEED GOLD certification. At the same time, the company enhanced employee convenience facilities, placing emphasis on improving the working environment for logistics center workers.

The project is also meaningful in terms of its investment structure. It is the first project invested through the first logistics development fund established by Aegis. The development was carried out as a foreign investment project under the Foreign Investment Promotion Act by attracting overseas investors. After stabilizing the asset, Aegis sold it to Capstone Asset Management, thereby completing the entire process of development, operation, and sale.

An investment banking industry insider said, "Despite the adverse conditions of the COVID-19 pandemic, successfully completing the project on schedule, securing high-quality tenants, achieving early stabilization, and then closing the sale demonstrates Aegis's development and asset management capabilities," adding, "As the logistics center market has entered a recovery phase, the company realized investment returns through a timely sale."

This content was produced with the assistance of AI translation services.