BW Industrial announces $120 million strategic partnership

On January 14, BW Industrial Development JSC, a leading developer and operator of for-rent logistics and industrial real estate, announced a $120 million partnership with a top global institutional investor to develop a portfolio of high-quality industrial projects across major industrial zones. Under the agreement, BW will act as asset and development manager, responsible for deal sourcing, project development, operations, and overall investment management.

A BW ready-built factory. Photo: BW

The partnership builds on BW’s proven track record and market leadership position in the industrial real estate sector in Vietnam, as well as its established asset management platform. Furthermore, the partnership reflects strong institutional investor confidence in Vietnam’s rapidly growing industrial real estate market, which is benefiting from accelerating manufacturing expansion, sustained robust foreign investment, and the country’s resilient macroeconomic backdrop.

Several major manufacturing players have recently announced major additional investment commitments in Vietnam despite tariff-related uncertainties, reiterating the country’s strategic importance in the global supply chain.

“This is an important milestone in BW’s efforts to deliver modern industrial infrastructure supporting Vietnam’s role in global supply chains,” said Fion Ng, COO of BW. “By combining our local expertise with the investor’s global experience, we aim to create sustainable value and expand partnerships with leading international investors as we grow.”

The joint venture will be seeded with three high-quality development projects with a combined gross-floor area of around 270,000 square metres and features an attractive pipeline of identified opportunities.

Scheduled for completion in 2026/27, these developments will benefit from direct access to major highways, international airports, and seaports, along with strategic locations, supporting demand from tenants in electronics, automotive, and other high value-added industries.

Leveraging BW’s deep local execution and leasing capabilities, the partnership will focus on developing modern and large-scale industrial assets to serve the rising demand for high-quality, modular, ready-built factories from rapidly growing multinational and domestic enterprises.

Since its establishment in 2018, BW has leased more than 4 million sq.m of gross floor area of completed operating assets, serving over 470 tenants as of December 2025, of which more than 90 per cent are foreign invested enterprises.

The market fundamentals continue to validate BW’s strategy. According to Cushmand & Wakefield's Q3/2025 report, the occupancy rate for ready-built factories in Vietnam’s northern and southern key economic regions remained high at around 90 per cent, underscoring sustained demand for modern, institutional-grade quality space.

This demand is further supported by continued foreign investment momentum, with 2025 foreign direct investment (FDI) disbursements reaching a record high, newly licensed projects rising by about 20 per cent on-year, and the manufacturing and processing sector attracting the largest share of new FDI, accounting for close to 60 per cent of newly registered capital, according to National Statistics Office of Vietnam.

According to Savills Vietnam’s 2025 Industrial Insider, this is reinforced by a clear occupier preference shift, as more than half of new foreign-backed manufacturing projects opt to lease ready-built factories, enabling new entrants to maximise their speed-to-market.

BW controls more than 10 million sq.m of industrial land across 60 projects in 10 key provinces, giving it a sizeable footprint in the country’s main industrial hubs. The company develops for-rent factories and warehouses, targeting demand from manufacturing expansion, rising domestic consumption, and the growth of e-commerce.

The company was founded by Warburg Pincus and Becamex IDC, Vietnam’s largest state-owned industrial and infrastructure developer. In 2023, ESR Group, an Asia-Pacific real asset owner and manager, became a strategic investor.

Artist’s impression of one of the seed development projects. Photo: BW

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