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Equalbase invests KRW79b in Icheon-Baeksa

Updated: 6 days ago

Equalbase Icheon-Baeksa
Equalbase Icheon-Baeksa

Equalbase Group is pleased to announce the acquisition of a 31,800 sqm plot of land in Icheon-Baeksa, with the goal to develop a prime-grade A warehouse. With a planned 41,800 sqm gross floor area, the facility will be invested with a total development cost of KRW79b.

Equalbase is a Singapore-based integrated developer with Northmod serving as its investment arm. Northmod manages real assets through funds called Amberock, a region-specific fund vehicle. The Icheon-Baeksa project is funded under Amberock Korea II.

The freehold land property is strategically situated within the Seoul capital area. The development will be a 6-storey building equipped with ramp-up capabilities, clear heights of 8.2m to 8.7m, and a robust floor loading capacity of 2T. The facility will be completed and fully operational in the first quarter of 2026.

The site benefits from easy access to National Route 3, connecting the north and south of the country, across the key provinces of Seoul, Gyeonggi, and Gyeongsang. The prime location is ideal for facilitating swift last-mile delivery services for e-commerce, retail, and

third-party logistics operations, serving the customer base of the Seoul Metropolitan area.

“This investment provides us with a unique opportunity to support the development of a high-quality asset in a strategic location. 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,” says Nicholas Bischoff, CEO of Equalbase Development.

“Korea is a highly attractive investment market for us. 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 investment in Icheon is a good example where Amberock Korea II can invest in both debt and equity to optimise the capital structure and invest in a high-quality project in a great location,” says Paul Lee, Managing Partner of Northmod.

The Equalbase Group's involvement in the project highlights its expertise in logistics real estate and proactive pursuit of new opportunities. The group is dedicated to expanding its portfolio and exploring further strategic investments.


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