Frasers Property is expanding its industrial real estate presence across North Vietnam through a partnership with local investment company Gelex.

Frasers Property’s Vietnam business has agreed to team up with Gelex to jointly invest $250m (€232.3m) to develop the assets.

The deal will enable Frasers Property Vietnam (FPV) to initially add 80ha of industrial land to its landbank that will be developed into more than 500,000sqm of ready-built factories, warehouses and build-to-suit facilities.

Lim Hua Tiong, FPV’s CEO, said: “We look forward to working with a like-minded partner like Gelex Group to expand our industrial portfolio and further develop our industrial capabilities.

“Frasers Property has a global track record and expertise in the industrial & logistics space. We are confident that our quality industrial spaces developed to international specifications and catered to tenants’ business needs, will add value to Vietnam’s Northern Key Economic Zones.”

Tuan Nguyen, CEO of Gelex, said the partnership with FPV provides momentum for further projects to grow together, “particularly in establishing excellent industrial parks in Vietnam to fulfill the rising expectations of clients”.

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