Logos and Singapore-listed engineering group CSC Holdings are to redevelop an existing industrial site in Singapore’s west into a warehouse for an estimated total development cost of S$108m (€70m).

The partners will replace the existing building with a 46,000sqm logistics facility with office space. CSC has committed to a long-term pre-lease for the property on completion.

Stephen Hawkins, managing director of Logos South East Asia business, said the investors and tenants continued to be interested in the sector, because it had continued to provide an essential service to the local community, especially in the current market conditions.

The redevelopment forms part of the new Logos Singapore Logistics Venture 2 fund, which recently closed with an investment capacity of S$1.2bn for the acquisition and development of logistics properties in Singapore.

Logos Singapore Logistics Venture 2 is the group’s third venture in Singapore and includes investments from two existing capital partners – Canadian investors Ivanhoe Cambridge and CPP Investments.

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