Logos Property has acquired its first Vietnam-based asset to build a distribution centre in the country, media reports said. The Logos Bac Ninh Logistics Estate will have an estimated end value of around $70 million.
The site is located within the VSIP Bac Ninh Phase 1 Industrial Park outside of Hanoi and spans over 80,000 square metres. It is 35 minutes away from Hanoi’s central business district and the city’s Noi Bai International Airport, and 1.5 hours from Hai Phong seaport.
Logos’ head of Vietnam Glenn Hughes in a statement, “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.
“We believe the property is well suited to service the growing demand from international and local logistics operators within the greater Hanoi region and are confident we can set a new benchmark for the Vietnam logistics market in terms of high-quality logistics buildings to meet this demand.”
Logos Property entered Vietnam earlier this year with a $350 million joint venture with an unnamed global institutional investor. The warehouse specialists revealed that it plans to develop a portfolio of logistics facilities across Hanoi, Ho Chi Minh City and the Greater Danang area.
It is reported that Logos will have up to $2 billion in assets under management in the fast-growing Southeast Asian country within the next three to five years. The country is underpinned by the growing ecommerce sector in the region.