Oct 07, 2020 / 16:35

Australia's LOGOS acquires its first Vietnam development site in Hanoi

The Hanoitimes - Hanoi and two other cities in Vietnam are key markets of the Australian logistics and real estate company.

LOGOS announced that it has completed its first acquisition in Vietnam of a 13-hectare development site located in Hanoi following the establishment of LOGOS Vietnam Logistics Venture last month.

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The new venture has an initial estimated portfolio of approximately US$350 million by gross asset value. It is the fourth by LOGOS this year, totaling over US$1 billion raised by the group throughout the region.

Through this venture, LOGOS and its investment partners aim to establish a modern, quality portfolio of logistics facilities to support local and international customers’ growth across Vietnam.

Located within the VSIP Bac Ninh Phase 1 Industrial Park, the site offers immediate access to National Highway No.1A and surrounding transport networks, and is 35 minutes from the central city and Noi Bai airport and 1.5 hours from Hai Phong seaport. The site is considered one of the key logistics locations in Hanoi and is strategically positioned for its customers.

The acquisition was realized after two years of assessing the local market and following the establishment of its Vietnam venture in August. “Our decision to invest in the VSIP Bac Ninh Phase 1 Industrial Park was reinforced by major occupiers having existing facilities within the park, including FM Logistic, Emergent Cold, LinFox and DB Schenker,” Glenn Hughes, Head of Vietnam, said.

The company is currently in discussion with a number of existing and new customers regarding the estate.

Vietnam logistics market continues to experience strong growth driven by global trade wars, decentralization of supply chains and a natural evolution of the market. 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.