Warburg Pincus and Wide Creek Asset Management have broken ground on a new logistics development in Anseong, Gyeonggi Province, marking the joint venture’s second major project since its formation in 2020.

The 100,000-square-meter, five-story logistics center (B1–4F) is set for completion by the end of 2026 and has already secured full pre-leasing with tenants in the life sciences sector. The project follows the JV’s previous investment in a 170,000-square-meter last-mile facility in Yangju, which began construction in late 2023.

The Anseong facility represents a total investment of approximately USD 135.93 million. The partners have committed USD 38.15 million in equity and secured USD 97.78 million in project financing (PF). Construction began in late 2024 on the site at 925-1 Dangmok-ri, Juksan-myeon, in southern Gyeonggi Province.

The site offers strong connectivity to the Seoul metropolitan area, sitting near the Iljuk Interchange on the Jungbu Expressway (north-south corridor) and Bukjincheon IC on the Pyeongtaek–Jecheon Expressway (east-west corridor).

In both the Anseong and Yangju projects, Warburg Pincus and Wide Creek entered after early-stage development risks had been mitigated. In Anseong, the site was originally secured and permitted by developer Asset101. Warburg acquired the land after zoning and PF were finalized—minimizing entitlement exposure while maximizing development upside.

A similar strategy was used in Yangju, where Warburg Pincus stepped in during the financing and development phase initiated by GL Industrial Development.

Upon completion, the combined portfolio value of the two logistics centers is expected to exceed USD 500 million.

The Anseong asset is fully pre-leased to two logistics operators:

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• Yongma Logistics will occupy approximately 70% of the total GFA, covering B1 through the second floor, under an 8-year lease. The firm is a wholly owned subsidiary of Dong-A Socio Holdings and specializes in pharmaceutical logistics for clients including Johnson & Johnson, GSK, Bayer, and Dong-A Pharm.
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• DPL will lease the third and fourth floors under a 5-year agreement.

Notably, over 70% of the building will be dedicated to the life sciences sector—underscoring growing demand for specialized logistics infrastructure in Korea.

When forming the JV, Warburg Pincus reportedly expressed a preference for targeting logistics, data centers, and life sciences in Korea—sectors with long-term structural demand. The Anseong project reflects this thesis in both location and tenant mix.

Market observers view this deal as part of a broader trend among global investment firms reallocating capital from traditional office assets to new economy real estate.

Blackstone, for instance, recently agreed to acquire two logistics centers from MQ Logistics—Gimpo Gochon and Namyangju Hwado—for USD 266.67 million, following its purchase of the Gimpo Seonggwang facility in late 2024.

This article was originally published by Corebeat on March 26, 2025.