Logos has acquired a fourth asset in Singapore and will spend around SGD79m (€49m) to redevelop the site into a food processing and logistics facility.

With the latest investment Logos Singapore has committed SGD800m to the venture, jointly owned by Logos, Canada Pension Plan Investment Board and Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec.

The two Canadian institutions joined Logos earlier this year as equal partners to establish the Singapore venture and a second platform in Indonesia.

The objective is to acquire and develop industrial and logistics properties in Singapore with more than SGD800M in investment capacity.

Stephen Hawkins, Logos Southeast Asia managing director, said the site will be the group’s first dedicated food sector development in Southeast Asia.

The food and beverage sector accounts for more than 30% of Logos’ pan-Asian business.

The building, which was acquired for an undisclosed sum, is located in an area close to what is known as Tuas Mega Port.

“The Tuas development is an opportunity for Logos to leverage our regional expertise and global design standards to deliver a first class food processing and food distribution facility,” said Logos’ joint managing director, Trent Iliffe.

The facility has been substantially pre-leased to an anchor tenant. Logos is currently in discussions with several companies regarding the remaining space.

The redevelopment is expected to offer a total net lettable area of about 27,000sqm.

Construction will begin immediately following acquisition, subject to relevant planning and construction approvals, with completion scheduled for early 2019.