Two of Asia’s largest listed companies – Hongkong Land and Indonesian conglomerate PT Astra International – have teamed with Logos SE Asia to develop logistics warehouses in Indonesia.
The joint venture will focus initially on Greater Jakarta to tap into Indonesia’s growing demand for logistics facilities to feed exponential growth in e-commerce.
Djony Bunarto Tjondro, president director of Astra, said the joint venture would pave the way in expanding the availability of modern warehouse facilities to support the logistics sector in Indonesia.
According to Astra, Indonesia’s freight and logistics market, in which modern warehousing is a key factor, is estimated to increase from US$81.3bn (€71bn) in 2020 to US$138.04bn by 2026.
Stephen Hawkins, Logos’ chairman of Southeast Asia, said the joint venture would leverage off the synergies of the partners – Astra’s track record in the Indonesian property market and Logos’ in the logistics sector.
IPE Real Assets understands that property manager Hongkong Land invests with and operates alongside Astra in a number of real estate ventures.
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