Bouwinvest Real Estate Investors and LaSalle Global Partner Solutions have joined a Singapore logistics venture set up by Logos and two Canadian institutions.

The new partners will join Ivanhoé Cambridge and Canada Pension Plan Investment Board (CPPIB) in the Logos Singapore Logistics Venture (LSLV).

Pan-Asian logistics specialist Logos said the investment partnership had been created to acquire the industrial site in Singapore’s west announced earlier this month for SGD585m (€378m).

Logos secured the 25-hectare site through a long-term sale-and-leaseback agreement with solar panel company REC.

Tjarko Edzes, Bouwinvest’s director for Asia-Pacific investments, said: “The REC acquisition is a landmark transaction in Singapore and with, this co-investment, we have expanded our presence in the Asia-Pacific region.”

“We are delighted to partner with Logos and top-quality, like-minded investors Ivanhoé Cambridge, CPPIB and LaSalle GPS”.

Bart Coenraads, managing director Asia Pacific for LaSalle Global Partner Solutions, said the deal further deepened LaSalle GPS’s presence in Asia-Pacific real estate markets.

He said LaSalle GPS looked for investments such as this for its clients to bring relative value across geographies and sectors globally.

Rita-Rose Gagné, Ivanhoé Cambridge’s president, growth markets, described the site as a “strategic acquisition” which allowed Ivanhoe Cambridge to work alongside “knowledgeable and accomplished new partners in Bouwinvest and LaSalle GPS”.

CPPIB’s managing director and head of real estate investments Asia, Jimmy Phua, said this latest commitment marked the sixth investment for CPPIB with Logos in Singapore.

“This partnership will continue the strong momentum generated by Logos since the inception of LSLV in 2017,” he said.

LSLV has investments in six projects in Singapore. The acquisition expands Logos’ Singapore portfolio into the renewable energy space.