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Tag: ssg.com

  • ESR Kendall Square Sells Pyeongtaek Warehouse to Samsung SRA for $253 Million

    ESR Kendall Square Sells Pyeongtaek Warehouse to Samsung SRA for $253 Million

    ESR Kendall Square sold Pyeongtaek Logistics Park to a Samsung SRA Asset Management vehicle backed by South Korea’s National Pension Service for KRW 343 billion ($252.6 million). The transaction closed on 1 September at KRW 1.8 million per square metre of gross floor area.

    The deal transfers one of South Korea’s largest modern sheds from foreign pension backing to domestic institutional ownership. ESR built the 2023-vintage facility with capital from Canada Pension Plan Investment Board and Dutch asset manager APG. Samsung SRA funded the acquisition through a KRW 400 billion core fund that drew KRW 250 billion from the National Pension Service alongside capital from Samsung-affiliated insurers.

    Hub for Port and E-Commerce

    Pyeongtaek Logistics Park spans 190,000 square metres across a 165,827-square-metre site in the Poseung district of the Gyeonggi Free Economic Zone. E-commerce platform SSG.com pre-leased the entire ambient facility in late 2021 before ground broke.

    Located three kilometres from Pyeongtaek Port, the property features direct ramp access to every floor, high ceilings, South Korea’s largest single-floor warehouse footprint, and 10 megawatts of power capacity. Logistics inventory in Pyeongtaek expanded more than 1.7-fold between 2022 and mid-2025 as third-party logistics firms and end-users absorbed space near regional automotive and electronics clusters.

    Capital Flows Shift Domestic

    Institutional buyers are moving on cash-flowing assets in South Korea as new warehouse construction drops sharply from post-pandemic peaks. Overseas capital accounted for more than 60 percent of industrial trades in 2025, but Korean managers with long-term domestic mandates are now securing completed, fully leased assets as supply eases and ambient rents start to climb.

    Greater Seoul logistics net absorption rose 42 percent to 164,000 square metres in the second quarter, while nominal rents reached $7.65 per square metre per month. Investors are tracking second-half completions, which fell to one-third of their year-earlier level, to test how quickly remaining vacancies tighten across the capital region.

  • Shinsegae to launch SSG.com as separate unit

    Shinsegae to launch SSG.com as separate unit

    Shinsegae Group will launch a brand new entity that specializes in e-commerce next month in an effort to become Korea’s answer to Amazon. Titled SSG.com, Choi Woo-jung, vice president of Shinsegae’s e-commerce division, will be the CEO. “[Through the new entity], we hope to maintain the existing SSG.com brand and maximize brand power by raising [people’s] awareness of our professionality in the online market,” the company said in a statement.

    The latest move reflects Shinsegae’s ambition to become the country’s top e-commerce company by gathering its scattered online businesses.

    Shinsegae Group in December spun off Emart Mall and Shinsegae Mall from Emart and Shinsegae. The board of directors in January voted to merge the two new entities.

    It has already been running SSG.com as an e-commerce website that offers access to its various online malls, but it is currently only a customer-facing interface, not a company in its own right.

    SSG.com’s sales goal for this year is 3.1 trillion won ($2.8 billion), which is 29.1 percent higher than the sales recorded by the online platform last year.

    The company hopes to reach its ambition through aggressive marketing, especially on raising the efficiency of delivery services.

    It will make a heavy investment on raising the delivery speed by establishing an additional distribution center in Gimpo, Gyeonggi. It will be the third distribution center, and is scheduled to open in the second half of this year.

    “With the official launch of SSG.com, we are getting ready to become the country’s top e-commerce enterprise,” said Choi in a statement.

    “Instead of just selling goods online, we are also planning to function as a ‘Linker’ by connecting consumers online and offline like [offering them the platform to] share their lifestyles on the internet.”

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