ESR has formed a development joint venture with a Vietnamese property group BW Industrial Development to develop and own an industrial park.

The partnership will own the 240,000sqm My Phuoc 4 Industrial Park in Binh Duong market, in Southern Vietnam, currently being developed by BW, with completion scheduled for August.

The partnership marks ESR’s first entry into the Vietnamese market, expanding the group’s APAC footprint in the high-growth Southeast Asia region.

Jeffrey Shen and Stuart Gibson, ESR co-founders and co-CEOs, said Vietnam’s industrial and logistics real estate sector was “coming of age”.

“It is one of the most promising markets within Southeast Asia, benefitting from a range of favourable macro-economic factors – including its high and stable GDP growth rate, growing income level and thus-emerging middle class, rapid urbanisation and infrastructure development,” they said.

Lance Li, CEO of BW, said: “As the Vietnam industrial and logistics property sector is entering a strong cycle of growth, BW is focussed on continuing to be a pioneer in the market and accelerating our growth trajectory on the back of both greenfield developments, acquisitions and joint ventures.”

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