Hines and Pebblestone Exit Greater Seoul Warehouse for $65 Million

Sajo Seafood has agreed to buy a cold chain warehouse in Greater Seoul from Hines and Pebblestone Asset Management for KRW 90 billion ($65 million).

The deal gives the Korean seafood group control of Hines Logistics Namyang in the Gyeonggi province city of Hwaseong. Sajo will pay KRW 9 billion as a 10 percent deposit, followed by KRW 18 billion on 30 September and the KRW 63 billion balance on 26 November, when the transfer is scheduled to be completed.

The tuna processor and deep-sea fishing operator said the acquisition would expand its storage and logistics business and create synergies by adding a metropolitan Seoul distribution hub.

Hines said in a fact sheet that the project boasts superior access to the expressway system, airport, and harbours, enabling last-mile delivery to the southern Seoul metropolitan area.

The sale provides an exit from the project for Houston-based Hines and Seoul's Pebblestone, which teamed up to invest in the development in 2021.

Hines made the Namyang project its first Korean real estate investment after joining with Pebblestone in April 2021 to back development of the Hwaseong facility. The partners formed a fund for the project, with Hines acquiring a 330,000 square foot (30,658 square metre) site as it began building a Korean logistics platform.

Completed in 2023, Hines Logistics Namyang spans 487,258 square feet of gross floor area and combines refrigerated and ambient storage. Hines describes the completed property as a four-level facility with ramp access throughout, 10 metre (32.8 foot) floor heights, load capacities of 2 to 2.5 tonnes per square metre, and multiple temperature configurations.

At the KRW 90 billion agreed value, Sajo is paying just under KRW 2 million per square metre of floor area. The shed occupies a location between Incheon Airport, Incheon Port, and Pyeongtaek Port and is positioned to serve 21 million people within 50 kilometres (31 miles), while Hines lists Korea Food Services Corporation and Coupang Fulfillment Services among the property's major tenants.

The project was originally announced in May 2021 as a 460,000 square foot, five-storey development targeting cold and dry storage users and last-mile logistics providers, with truck access planned for every level. Hines broke ground in the fourth quarter of that year before completing the facility two years later.

Pebblestone has continued to bet on Korean sheds, including teaming with Blackstone in 2024 to acquire the Gimpo Seonggwang Logistics Center from DWS for KRW 83.5 billion. That deal gave the partners a 29,998 square metre warehouse in Gimpo, about 30 kilometres west of central Seoul, with US giant Blackstone investing through a Pebblestone-managed fund.

Namyang extended a cold chain strategy Hines had kicked off in late 2020 with Metropolitan Real Estate Equity Management in southern China. The partners acquired a 33,700 square metre cold storage facility and adjoining development site in Dongguan's Shatian district, with Hines identifying Walmart as a major tenant and plans calling for an additional multi-storey refrigerated complex on the site.

### Changing Guard

The Korean disposal comes as Hines hands broader regional responsibility to Amit Diwan, who last month was promoted from India chief to head of Asia Pacific and the Middle East. Diwan succeeded Jon Tanaka as APAC head, with Tanaka moving into a strategic projects role focused on Japan and South Korea as Hines combines oversight of two regions it has identified for long-term growth.

Hines has also been recycling assets elsewhere in Asia, with LaSalle Investment Management acquiring the 14-storey Zenith Minami Shinjuku office building in central Tokyo last month. Hines had bought the newly completed property in 2024 and lifted occupancy from about 20 percent to full capacity before the off-market sale, whose financial terms were undisclosed.

On the acquisition side, Hines started 2026 by buying Singapore's Bukit Panjang Plaza from CapitaLand Integrated Commercial Trust for $332 million, with the transaction completed in February. The suburban mall deal followed a string of regional purchases spanning office, logistics, and retail properties.

That run included Hines and Haben's $605 million acquisition of Sydney's Westpoint Shopping Centre and the US firm's $235 million investment alongside Gravity Asset Management in the Seoul headquarters of furniture maker Hanssem. Hines has also partnered with Mitsubishi Estate and Mitsui & Co on a Singapore logistics acquisition while expanding its office and industrial holdings in Japan.

Pebblestone, meanwhile, added another institutional mandate last year when South Korea's National Pension Service selected the manager for a domestic value-add real estate strategy.

Pebblestone and Pacific Asset Management were chosen under a KRW 500 billion allocation to mid-sized managers, with Pebblestone later saying it had formed a KRW 300 billion vehicle backed by KRW 250 billion from NPS and additional capital from Korean institutions.

| Property | Square Footage | Square Metres | Price | | --- | --- | --- | --- | | Hines Logistics Namyang | 487,258 | 45,250 | KRW 90 billion | | Gimpo Seonggwang Logistics Center | 29,998 | 2,800 | KRW 83.5 billion | | Dongguan cold storage facility | 33,700 | 3,130 | Not disclosed |