Equalbase will build and manage the new parts logistics centre for Mercedes-Benz in Korea. A final contract for the construction and management of the facility has been signed. The investment in land and building will be USD 50 million in total. It is the first ‘built-to-suit’ building contract awarded by Mercedes-Benz Korea and one of the first for Daimler worldwide. The new parts centre will be located not far from Seoul city centre to the southeast along a major highway. It will cater to the entire after market of Mercedes-Benz Korea, covering the whole vehicle range from passenger cars to commercial vehicles. The total gross floor area will be 300,000 sq ft with 210,909 sq ft build in phase I and another 75,000 sq ft in phase II. The total land area is 780,728 sq ft. Construction will begin in the first quarter of 2013. Construction is planned to be completed in late March 2014.