LOGOS Vietnam Logistics Venture and Manulife Investment Management on February 17 announced to set up a joint venture to acquire an 11-hectare, build-to-suit logistics asset in the greater Ho Chi Minh City area.
This is LOGOS’ first partnership with Manulife and an important investment to support the growing demand for modern, high-quality logistics facilities in Vietnam.
|The LOGOS e-commerce hub and related logistics service facility in Singapore |
Located in Dau Giay Industrial Park in Dong Nai Province, the property comprises three high-tech warehouse facilities, two of which were completed in 2021 with the third to be completed in late 2022. Upon completion, the property will boast a total of 116,000sq.m of modern logistics space, valued at over $80 million.
The property is fully committed to a global occupier on an initial five-year lease term.
LOGOS’ head of Vietnam, Glenn Hughes, said that the venture is seeing many exciting opportunities in Vietnam as international companies continue to diversify their supply chains across multiple countries, investing in their facilities to ensure supply chain resilience while meeting the growing consumer demand in e-commerce.
“The property is a rare opportunity to acquire a significant institutional-grade asset within a fast-growing Dong Nai precinct while also supporting the growing needs of this market,” Hughes added.
Entering Vietnam in 2020, LOGOS has established a development pipeline across the key markets of Ho Chi Minh City and Hanoi which will provide more than 600,000sq.m gross floor area in 2022/2023.
The LOGOS Vietnam Logistics Venture was established in August 2020 with a global institutional investor for the development of modern, high-quality logistics facilities across the key markets Ho Chi Minh City, Hanoi, and Danang. This acquisition with Manulife Investment Management represents the fourth recent acquisition for this venture.
LOGOS is a dynamic and growing logistics specialist with operations across 10 countries in Asia Pacific. LOGOS’ shareholders comprise ESR Group – APAC’s largest real asset manager – and its founders, John Marsh and Trent Iliffe.
LOGOS has circa 9.1 million sq.m of property owned and under development, with a total value of over $19.6 billion, across 31 ventures.