This article was published on March 31, 2025, at 4:46 p.m. on the ChosunBiz MoneyMove site.
HDC Group's logistics center located in Anseong, Gyeonggi Province, is up for sale. Initially, it was developed after signing a pre-purchase agreement with a domestic asset management company. However, due to excess supply of logistics centers, the company refused to proceed with the purchase, and after completion, it was unable to find tenants, ultimately leading to the sale.
According to the investment banking (IB) industry on the 31st, the major creditors including MERITZ Securities and MERITZ Capital are pushing for the sale of the logistics center owned by the HDC Group affiliate "Mastan No. 113 Logistics Point Seowon PFV," located in Anseong, Gyeonggi Province. Without selecting a separate sale management firm, the entrusted Shinhan Asset Trust is leading the sale process. The desired amount from the seller is at least 180 billion won.
The logistics center is developed by Mastan No. 113 Logistics Point Seowon PFV on the site located at 477-7, Hyeonmaeri, Seowon-myeon, Anseong-si, Gyeonggi Province. It has a total floor area of 54,322 square meters (16,432 pyeong) and consists of a complex logistics center with 2 basement levels and 3 above-ground levels (normal and cold storage). It is noted for its location, easily accessible to the metropolitan area, adjacent to the North Cheonan IC of the Gyeongbu Expressway and the South Anseong IC of the Pyeongtaek-Jecheon Expressway.
Mastan No. 113 Logistics Point Seowon PFV is an affiliate invested by HDC I&C, established in April 2021. As of the end of 2023, HDC I&C holds a 74.1% equity stake, making it the largest shareholder. HDC I&C, part of HDC Group, is a comprehensive construction company engaged in construction work and real estate leasing and sales. Additionally, Mastan Investment Management (10.45%), Kyobo Securities (10.45%), and Shinhan Asset Trust (5%) are named among the shareholders.
The logistics center was developed after Heritage Asset Management signed a pre-purchase agreement for 100 billion won, and HDC Group proceeded with the development. However, due to recent oversupply of logistics centers resulting in increased vacancy rates and decreased rental prices, Heritage Asset Management refused to proceed with the purchase. Currently, Heritage Asset Management is also refusing to pay the penalty of 5 billion won and is in the process of litigation.
Earlier, Mastan No. 113 Logistics Point Seowon PFV took out a loan of 99 billion won for the logistics center development. It borrowed money from various sources including Mastan Investment Management and HDC I&C through general loans, as well as from MERITZ Securities, MERITZ Capital, insurance companies, and NongHyup through project financing (PF) loans. The interest rates are relatively high, ranging from 7.66% to 9.82% compared to recent levels. The maturity of the PF loan was due on October 30 of last year.
The logistics center remains vacant under the management of HDC Group, surviving with support from its parent company. In August last year, HDC I&C provided an additional 3.53 billion won under the guise of operating funds. The total borrowed amount is around 6 billion won. Ultimately, the major creditors declared the expiration of benefits (EOD), believing it would be difficult for Mastan No. 113 Logistics Point Seowon PFV to repay the loans independently, and proceeded with a direct sale.
An industry insider noted, "The logistics center market in the metropolitan area shows price variations based on factors such as scale, purpose, accessibility, and ease of labor supply," and explained, "The logistics center is located close to highways, providing good regional accessibility, and there are many industrial complexes nearby, resulting in high demand for logistics warehouses."