Deutsche Asset Management’s new global brand DWS has grown its assets in Korea’s logistics market to more than €170m over 9 months.

Deutsche Bank’s asset management arm said it has acquired Logiport Icheon in Greater Seoul on behalf of one of its European real estate funds for KRW61.2bn (€46m) in an off-market transaction.

In August last year, DWS bought DPL Anpyungri Logistics warehouse for €62m and the MQ Logistics Centre for around €62.5m.

Logiport Icheon is a grade A four-level logistics property covering over 45,000sqm. It was completed in May 2017.

DWS said the complex is leased to a diversified tenant base.

Victoria Sharpe, head of alternatives, Asia Pacific at DWS, said: “Boosted by the growth of e-commerce in the region, a healthy leasing market, location and tenancy mix makes Logiport Icheon an attractive addition to our fund.

“This is our third logistics acquisition in Seoul, we will continue to seek quality investment opportunities, such as Logiport Icheon, in the region.”