Two years after launching its U$400m (€356m) Indonesian platform with two Canadian institutions, pan-Asian logistics specialist Logos is set to double the size of the venture.
The platform was established in March 2017 with support from Canada Pension Plan Investment Board (CPPIB) and Ivanhoé Cambridge.
Stephen Hawkins, Logos Southeast Asia’s managing director, told IPE Real Assets that Logos and its partners were planning to increase their investment to tap strong demand for state-of-the-art logistics facilities.
“We are working with our investors to commit more capital for the venture. Our intention is to raise sufficient funding to deploy over the next 3 years.”
Jimmy Phua, CPPIB’s head of Real Estate Asia, said CPPIB was happy with the way its investment had developed in Indonesia, and was contemplating expanding its investment there.
“Indonesia’s (e-commerce) story is similar to China many years ago,” Phua told IPE Real Assets.
Since its initial investment in Indonesia, Logos Southeast Asia has moved quickly to ramp up site acquisitions and development to meet demand for modern logistics facilities from both e-commerce operators and manufacturers of fast-moving consumer goods.
“We plan to complete the first phase of our first project at Pondok Ungu in Bekasi, Jakarta, by the end of this year,” Hawkins said.
The site is being transformed into a US$130m development project.
“We have since closed transactions on four more sites,” he said.
Logos now has an office staffed by 20 local employees to take care of leasing and asset management in Indonesia.