This article is from the Australian Property Journal archive
LOGOS has completed its first Vietnam acquisition, buying a 13-hectare development site located in greater Hanoi.
The acquisition follows the establishment of its Logos Vietnam Logistics Venture last month which has an initial forecast portfolio of approximately US$350 million by gross asset value.
Located within the VSIP Bac Ninh Phase 1 Industrial Park, the site offers immediate access to the 1A national highway and surrounding transport networks, and is 35 minutes from the Hanoi Central Business District and the Hanoi International Airport (Noi Bai Airport) and 1.5 hours from Hai Phong seaport.
Subject to relevant planning approvals, Logos proposes to develop up to 80,000sqm of high specification logistics facilities which upon completion will have an estimated end value of circa US$70 million.
“We are pleased to have acquired our first development site, having spent the last two years assessing the local market and following the establishment of our Vietnam venture in August,” Logos head of Vietnam Glenn Hughes said.
“The Vietnam logistics market continues to experience strong growth driven by global trade wars, decentralisation of supply chains and a natural evolution of the market. Vietnam has led a successful response to the COVID-19 pandemic and is well positioned to rebound for further growth. Occupier demand, driven by ecommerce and third-party logistics operators, remains solid as occupiers are starved of suitable logistics facilities to sustain the growth of their business operations,”
Hughes added that Logos is currently in discussion with a number of existing and new customers regarding the estate.
Meanwhile in Australia Logos is currently in exclusive negotiations to buy the $2 billion Moorebank Logistics Park in Sydney.
