Ivanhoé Cambridge and Logos have begun their expansion into southeast Asian logistics with a SGD150m (€99m) development in Singapore.
The joint venture partners are investing with local developer Yang Kee Logistics.
Construction of the project will take 18 months, with completion expected by early 2018.
Australia’s Logos Property Group and Canada’s Ivanhoé Cambridge seeded the joint venture with SGD150m in June this year.
The pair are looking to own and develop high-quality, modern industrial and logistics properties in southeast Asian markets.
Stephen Hawkins, managing director of Logos in southeast Asia, said Singapore is a “key investment focus” for Logos.
“The opportunity to embark on the first development project is in line with the Logos investment strategy,” he said.
John Marsh, joint managing director of Logos, said the company has a development pipeline of land banks throughout southeast Asia, including opportunities in Jakarta and Kuala Lumpur.
Marsh said: “A key part of our growth through Asia to date has been development-led with existing occupying partners.
“We see this growth and strategy continuing as we expand our footprint across Asia.”
Ivanhoé Cambridge acquired a strategic stake in Logos in March this year.
