Logos and its joint venture partner, believed to be Singapore’s GIC, have acquired their first industrial site in the Vietnamese capital Hanoi to develop a US$70m (€59m) logistics estate.

In August, Logos announced its entry venture to Vietnam, with the formation of the Logos Vietnam Logistics Venture, but did not name its partner.

IPE Real Assets understands that the unnamed global investor is Singapore’s sovereign wealth fund GIC, which already has considerable exposure to Vietnam in its own rights.

The joint venture bought the site located within the VSIP Bac Ninh Phase 1 Industrial Park to develop to become the Logos Bac Ninh Logistics Estate.

Glenn Hughes, head of Vietnam, the group decided to invest in the VSIP Bac Ninh Phase 1 Industrial Park was reinforced by major occupiers having existing facilities within the industrial park.

“Vietnam has led a successful response to the COVID-19 pandemic and is well-positioned to rebound for further growth.

“Occupier demand, driven by e-commerce and third-party logistics operators, remains solid as occupiers are starved of suitable logistics facilities to sustain the growth of their business operations,” he added.

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