Koramco Fills Yeoju Logistics Center to 100% Occupancy 10 Months After Acquisition Amid "Value Decline"

Cold-storage-to-ambient conversion and new tenant attraction
Asset value reassessed as leasing stabilizes

Koramco Asset Management said on October 15 that Logis Point Yeoju, a newly built large-scale logistics center in Yeoju, Gyeonggi Province, which it acquired in December 2025, reached 100% occupancy in about 10 months.

When Koramco acquired the property, its occupancy rate was around 45%. After the acquisition, Koramco converted its cold-storage facilities to ambient-temperature storage and attracted new tenants, including LOTTE Global Logistics, successfully filling all of the remaining leasable space.

Logispoint Yeoju. Koramco Asset Management

Koramco acquired the asset at a time when logistics center supply was expanding last year and high interest rates were driving a significant correction in asset prices. The property was put up for sale because the seller was facing liquidity pressures. Considering its highway access and physical advantages as a large-scale logistics facility, Koramco decided to acquire it for approximately KRW 190 billion.

Completed in 2023, Logis Point Yeoju is a newly built large-scale logistics center with a gross floor area of approximately 131,000 square meters (about 40,000 pyeong), spanning two basement levels and four above-ground floors. Located about 2 kilometers from Yeoju IC on the Yeongdong Expressway, it is a key facility in the Yeoju-Icheon logistics cluster. The center has a large floor plate of about 6,000 pyeong and an available power capacity of approximately 10,000 kW, making it suitable for automated logistics and fulfillment operations.

At the time of the acquisition, CJ Logistics and fashion company B.Cave occupied the second and third above-ground floors, but substantial space remained vacant, mainly in the cold-storage facilities on the second basement level and first above-ground floor. Taking into account the concentrated demand for ambient-temperature logistics from fashion, retail, and third-party logistics (3PL) companies in the Yeoju-Icheon area, Koramco pursued a value-add strategy that combined converting the cold-storage facilities to a different use with attracting tenants.

Accordingly, in June 2026, Koramco completed work to convert approximately 68,467 square meters (about 27,011 pyeong) of cold-storage space on the second basement level and first above-ground floor into ambient-temperature warehouses, broadening the facilities' range of uses and expanding the pool of potential tenants. It later attracted LOTTE Global Logistics as a new tenant, creating a tenant mix centered on major logistics and retail companies alongside existing tenants CJ Logistics and B.Cave.

This leasing stabilization took place amid a market in which demand differs between ambient-temperature and cold-storage logistics centers. According to commercial real estate services firm GenstarMate, the vacancy rate for ambient-temperature logistics centers in the Seoul metropolitan area was 8.6% in the second quarter of 2026, while the rate for cold-storage logistics centers reached 44.6%. Taking this difference in supply and demand into account, Koramco was able to convert the facilities and increase occupancy.

Recently, investment returns in the commercial real estate market have increasingly varied according to the leasing and operating performance of individual assets. As a result, in addition to acquisition prices, the expertise of asset managers in improving leasing competitiveness and profitability during the holding period has become increasingly important. Drawing on specialized teams for sectors including offices, logistics, and hotels, Koramco analyzes each asset's location and demand, and is expanding its investment strategy to increase asset value through facility upgrades and greater operating efficiency.

"Although the price of Logis Point Yeoju was adjusted during a downturn in the logistics market, we confirmed its potential for a recovery in value by analyzing its location, facility competitiveness, and potential tenant demand," said Yoon Jangho, CEO of Koramco Asset Management. "We will continue to selectively identify high-quality assets that are undervalued by the market and focus on turning their potential value into tangible returns for investors by leveraging our expertise in each sector."

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