U.S.-based asset manager Invesco has launched the sale of its final logistics holding in Korea, the Logisco Anseong Distribution Center, circulating teaser letters to a select group of potential buyers.

If completed, the deal will close the book on Invesco’s logistics and office investments in Korea, marking a full pivot toward residential and data center plays—a shift the manager has been engineering since last year.

Completed in April 2023, the Logisco Anseong facility sits on a 36,236 sqm (approx. 10,961 py) site in Goeun-ri, Iljuk-myeon, Anseong, Gyeonggi Province. The 80,078 sqm (approx. 24,224 py) gross floor area spans two underground and four above-ground levels, with a mix of 65% dry and 35% cold storage.

The cold storage alone—7,600 py in the second basement—rivals the size of standalone facilities, while the dry floors range from 3,300 to 6,000 py, offering a layout and floorplate efficiency regarded as superior to most competing assets.

Strategically positioned in southern Gyeonggi’s logistics corridor, the property offers immediate access to the Jungbu Expressway and National Route 17—key arteries in the capital region’s distribution network. Iljuk and Namicheon interchanges are within a ten-minute drive, connecting to major hubs without the bottlenecks common in the Seoul periphery.

Anchor tenant Lotte Global Logistics operates alongside GIG, The Hive, and global e-commerce logistics platform operator Techtaka, which uses the site as a hub.

Invesco originally bundled the Anseong asset with the Logisco Yangji and Jegiri logistics centers for sale in 2022, but shelved the process when bids fell short of expectations.

A second attempt in 2023 saw the Yangji center—completed in December 2021 with 62,000 py of GFA—sold to Mirae Asset Global Investments for KRW 467 billion.

The Jegiri facility, finished in 2022, is now under a signed MOU with KKR as preferred bidder, reportedly at a mid-KRW 200 billion price tag. That asset’s tenant roster includes GS Retail in cold storage and Samsung Electronics in dry space.

Since last year, Invesco has been redeploying Korean capital away from logistics and offices, favoring residential and data center strategies. It formed a joint venture with senior care platform CareDoc to enter the senior housing market, and in June was named preferred bidder—partnering with SK D&D subsidiary D&D Investment—for the acquisition of “Nudit Hongdae,” a co-living property in Seoul’s Hongdae district.

In 2024, the manager also committed KRW 200 billion to a 40 MW data center development in Ansan led by IGIS Asset Management.

While the Anseong property checks every box for a core logistics profile—location, tenant quality, modern spec—its reappearance on the market underscores the liquidity challenges in Korea’s warehouse sector. The gap between seller expectations and buyer underwriting has narrowed since the sector’s 2022 peak, but not without scars.

Invesco’s persistence in bringing the asset back to market may signal improved sentiment—or simply a willingness to meet the bid.

Either way, its disposal will be watched closely as a bellwether for the pricing floor in southern Gyeonggi’s logistics belt.