ProLogis, the world’s largest manager and developer of industrial distribution facilities plans to invest US$600 million in South Korea, the government said Wednesday.

The Ministry of Commerce, Industry and Energy said ProLogis signed a memorandum of understanding in Seoul that will allow the company to develop 667,000 square meters of logistics support space in Gyeonggi Province as part of an effort to expand its Northeast Asian presence.

The investment also coincides with Seoul’s long-term strategy to turn the country into a logistics and distribution hub for the region.

The ministry said the state-run Korea Land Corp. will manage the development of the 138,000 square meters of land in Bucheon outside of western Seoul, while Gyeonggi Urban Innovation Corp. will build up the 529,000 square meters of land in Anseong, 77 kilometers south of the capital city.

The Dever-based company controls 44.9 million square meters of industrial space in 105 markets across North America, Europe and Asia. It’s business centers on leasing space to retailers, transportation and shipment service companies and manufacturers. ProLogis, founded in 1991, is a Fortune 100 company with assets valued at $15.1 billion.

Government sources, in addition, said ProLogis chairman Jeffrey Schwartz is considering expanding the companies operations in South Korea to reflect greater business opportunities in the region.

(Source: The Korea Times)