Coupang Makes Bold Move with Massive Lease at CBRE IM’s Dohwa Center

English • Deal

Landmark Deal Anchors One of Korea’s Largest Warehouse Assets

2025-07-15 09:46:44신치영chiyoungshin@corebeat.co.kr

Coupang Expands Presence with Lease of Dohwa Logistics Center

In a major boost for Korea’s logistics real estate market, Coupang has agreed to lease more than 165,000 square meters at the newly developed Dohwa Logistics Center in Incheon, a flagship asset of CBRE Investment Management (CBRE IM).

The facility — one of the largest single logistics assets in the country — was completed in December 2023 and features two underground and nine above-ground floors, with a gross floor area of 250,660 square meters and a leasable area of 222,163 square meters. Coupang is taking up nearly 75% of the ambient space, a move that significantly de-risks the asset and validates its investment case.

A Game-Changer for CBRE IM’s Korean Portfolio

This lease marks a watershed moment for CBRE IM, whose entry into Korea’s logistics sector with Dohwa represented a bold bet on next-generation, high-density warehouse formats. The asset’s vertical scale — 77 meters tall — and dual-temperature design were aimed at meeting the operational needs of major e-commerce and cold-chain players.

With Coupang now confirmed as the anchor tenant, CBRE IM’s thesis has materialized with rare clarity. Industry observers note that few logistics assets in Korea have ever landed single-tenant commitments of this scale.

“This is the kind of leasing event that turns a trophy asset into a market benchmark,” said one senior investment advisor. “For global core funds looking at Korea, this validates the thesis.”

Western Seoul: Coupang’s Logistics Empire

The deal also underscores Coupang’s growing control over logistics infrastructure in Korea’s western metropolitan region, especially Incheon, Bucheon, and Bupyeong — key last-mile zones for the Greater Seoul area.

According to Korea’s National Logistics Information Center, Coupang has established 41 logistics centers in this region alone since 2019, totaling over 1 million square meters. This includes 27 facilities in Incheon — now the company’s single largest logistics hub.

High Stakes, High Certainty

The Dohwa lease is not an isolated case. Coupang is also the largest tenant in Brookfield’s 430,000-square-meter Wondang-dong logistics center, and occupies much of the S&K Complex in Seoknam-dong, acquired by Brookfield for USD 175 million in 2023. In both cases, the e-commerce giant gradually expanded its footprint after initial leasing.

At another Seoknam facility previously owned by KKR and now held by IGIS Asset Management, Coupang has signed a 10-year+ long-term lease, cementing its control of high-quality logistics supply in Korea’s most strategic zones.

While Dohwa launched into a capital market environment marked by global liquidity constraints, the Coupang lease has delivered a clear win for CBRE GI. The deal dramatically improves income visibility and solidifies the center’s profile as a core asset.

“With land constraints in nearby Gimpo and the westward shift of population density, Coupang is doubling down on a region that’s only going to matter more,” said a logistics market analyst. “And for CBRE IM, this is a best-case scenario — a single mega tenant with deep operating roots in the region.”

This article was first published by CoreBeat on July 15, 2025.

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