IGIS Asset Management and Shinhan Financial Group have purchased an Amazon fulfillment center being built in New Mexico that is likely to be launched in September.

The $280 million transaction was closed on December 23, according to industry sources. Under the terms of the agreement, the consortium will lease the facility back to Amazon for at least 20 years and up to 45 years.

It is the first deal between a South Korean investor and the U.S. ecommerce giant. There have been other investments in Amazon facilities by South Korean investors, but they were made indirectly through foreign development and investment firms.

Shinhan Investment provided $93 million of the $280 million payment in equity financing, with the remaining $188 million arranged by Shinhan Bank in a senior loan.

The consortium is reportedly considering selling its stake in either the private or public markets closer to the completion date of the warehouse. The offering will likely to attract strong interest from domestic investors because Amazon is a long-term tenant and the property is therefore expected to provide a stable income stream.

The facility will also be leased to Amazon on an absolute triple-net basis, meaning a tenant is responsible for all expenses and repairs relating to the property in addition to property taxes, insurance and maintenance. This type of lease keeps the operating costs lower for a landlord, giving investors higher returns. (Reporting by Min-ho Lee)