Logos has expanded to Vietnam, bringing in an unnamed capital partner to establish a $350m (€293m) logistics platform.

Logos’s managing director, Stephen Hawkins, said the Logos Vietnam Logistics Venture would focus on developing its own assets, but was also open to acquiring completed, core assets.

The Logos team had assembled a pipeline of sites, he said. “We are close to making some acquisitions, and these will be developed and held in the vehicle.”

With deals “currently on the table”, Hawkins told IPE Real Assets he expected the fund to achieve its initial target of assembling a $350m portfolio within a couple of years.

The focus would be on the key markets of Ho Chi Minh City, Hanoi and Danang.

Hawkins said Logos had established its South East Asia business in 2016 and was operating in Singapore, Indonesia and Malaysia. It was now looking to other markets, including Vietnam.

IPE Real Assets understands that the new capital partner is based in Asia, and has existing investments in Vietnam with other managers.

In Vietnam, Logos would initially focus on its first joint venture, but this partnership was not an exclusive relationship, and, over time, Logos expected to grow its presence with other partners.

Trent Iliffe, Logos managing director and co-CEO, said the move into Vietnam marked an important step in Logos’ regional growth strategy.

Growth in demand for logistics facilities was in part driven by the US-China trade war, decentralisation of supply chains and a natural evolution of the market, he said.

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