ILRO COLD STORAGE ASSET SALE
Confidential — Qualified Parties Only

Investment Teaser · Incheon, South Korea

Korea's cold chain overbuilt. One newly completed asset is now available below construction cost.

A 29,102 ㎡ multi-temperature facility at Incheon North Port, completed in 2022 and delivered with full vacant possession. Offered below current replacement cost, with clear title passing at closing.

Request the memorandum See the process
Asset
Cold storageMulti-temperature, to −25 °C
Location
Incheon North PortSeoul metropolitan area
Scale
29,102 ㎡Completed 2022
Occupancy
VacantImmediate possession
Guide price
On NDABelow replacement cost
Trucks, forklift operations and cargo aircraft loading, representing the site's combined sea and air distribution reach
Fig. 01Sea and air distribution from a single catchment.

The case

Three reasons this asset trades now.

Korea's cold storage market is in a supply-adjustment phase. For an operator or food group that wants to own its own Northeast Asian node, that adjustment is the entry point.

Pricing

Priced below what construction would cost you

The guide level sits under current replacement cost — before land, before the two years it would take to build and commission. Buying resets your basis; building does not.

Below replacement cost

Timing

Operational capacity from day one

Vacant possession was created deliberately for a single-buyer sale. No tenants to inherit, no leases to unwind — the facility is handed over ready for standard refrigeration recommissioning.

100% vacant possession

Position

A port and an airport, from one site

Incheon is Korea's import gateway for food. This site sits in the North Port back-up complex with road access to the airport corridor — sea and air distribution from a single asset.

Port + airport catchment

Aerial view of a container ship approaching Incheon port
Fig. 02Incheon North Port — the site's sea gateway.
Trucks docked at loading bays
Fig. 03Dock access, engineered into every level.

Fig. 04Access from the site — straight-line distance, illustrative

Incheon North Port 6 km · 15 min
Gyeonggi (Bucheon IC) 13 km · 17 min
Seoul (Mokdong / Yeongdeungpo) 25 km · 30 min
Incheon Int'l Airport Direct via the new Cheongna–Yeongjong BridgeOpened Jan 2026
"You cannot build this today for what you'd pay to own it."

The pricing thesis, in one line

Execution

Clean title, consents already in hand.

Most distressed Korean development assets stall on the capital stack. This one has been cleared in advance — the reason a three-month closing is realistic.

Title Clear, unencumbered title transfers to the buyer at closing. Clear at closing
Lender and contractor consents Obtained before this listing went to market — not a condition still being chased during negotiation. Secured
Encumbrance release All existing security interests are discharged simultaneously with settlement, through law-firm escrow. Escrow-linked
Vendor Sale by the developing entity, with a single decision line and no committee sale process. Single seller
Documentation Independent appraisal, technical specification and title records are available in the data room. Data room ready

Process

Five steps from first contact to settlement.

  1. NDAExecuted on request, in English, Japanese or Korean.
  2. MemorandumFull information memorandum and data room access.
  3. LOIIndicative terms, with evidence of funding capacity.
  4. Site visitArranged for parties at LOI stage. Inspect the asset and verify title with your own advisers.
  5. SPA & closingSettlement through law-firm escrow.

The vendor is working to a three-month target from LOI to settlement. This is a target rather than a condition — internal approval cycles, including board authorisation, can be accommodated where the timeline is shared early.

Next step

Request the confidential memorandum

Principals, operators, food groups and appointed advisers are all welcome to enquire. Broker and advisory enquiries are handled on a non-exclusive basis — select that option in the form.

Mason Lee
Chief Operating Officer · ILRO
coo@ilrologistics.co.kr

Correspondence in English, Japanese or Korean.