Canada’s Ivanhoé Cambridge and Australia’s Logos Property Group are to invest together in southeast Asia for the first time.
Logos, which is part owned by Ivanhoé Cambridge, has opened a Singapore office as part of plans to develop a platform in the region.
The Logos Southeast Asia Venture has an initial commitment of SGD150m (€97.6m).
Ivanhoé Cambridge, which acquired a ‘strategic stake’ in Logos in March, is looking to own and develop high-quality, modern industrial and logistics properties in southeast Asian markets.
The vehicle’s first asset will be a stake in two high quality logistics properties in Singapore, to be jointly owned with the Singapore company Yang Kee Logistics.
The acquisition is part of a strategic partnership with Yang Kee to develop logistics facilities in Singapore, with futuristic features and technologies, Logos said.
Stephen Hawkins, managing director of Logos Southeast Asia, said the company had plans to raise additional equity commitments from investors for the venture.
Logos will seek further partnerships with local and international end-users and operators in Singapore and in select markets in Southeast Asia.
John Marsh and Trent Iliffe, managing directors of Logos, said: “We are looking at development projects in Singapore and further investments throughout the region.
“The opportunity to expand the Logos platform in the region will assist in delivering the real estate needs of our customers and capital partners.”
In March, Ivanhoé Cambridge and Macquarie Capital – part of the Macquarie Group – forged an alliance with Logos, giving them access to its logistic platform in Australia and China.
At the time, Marsh told IPE Real Estate that the plan was to create a strategic alliance and management platform to expand across Asia Pacific.