LOGOS, Manulife Investment Management, and the LOGOS Vietnam Logistics Venture announce the joint venture acquisition of 11-hectare asset in Greater HCMC

Media
Thursday 17th February 2022

LOGOS, Manulife Investment Management on behalf of Manulife Asia, and the LOGOS Vietnam Logistics Venture are pleased to announce the joint venture acquisition of an 11-hectare, build-to-suit logistics asset in Greater Ho Chi Minh City (HCMC). This is LOGOS’ first partnership with Manulife, with this new Venture being an important investment to support the growing demand for modern, high-quality logistics facilities in Vietnam.

Located in the Dau Giay Industrial Park in Dong Nai Province, the property comprises three high tech warehouse facilities, two of which were completed in 2021 with the third to be completed in late 2022. Upon the completion, the property will total 116,000 square meters of modern logistics space and be valued at over US$80 million. The property is 100% committed to a global occupier on an initial five-year lease term.

LOGOS’ Head of Vietnam, Glenn Hughes, said: “We are very pleased to be partnering with a leading capital partner Manulife and our existing LOGOS Vietnam Logistics Venture on this acquisition. We are seeing many exciting opportunities in Vietnam as international companies continue to diversify their supply chains across multiple countries, investing in their facilities to ensure supply chain resilience while meeting the growing consumer demands of ecommerce. The property is a rare opportunity to acquire a significant institutional-grade asset within a fast growing Dong Nai precinct while also supporting the growing needs of this market,” he added.

Having entered Vietnam in 2020, LOGOS has established an attractive development pipeline across the key markets of Greater HCMC and Greater Hanoi which will provide >600,000sqm GFA in 2022/2023.

A joint statement from Gerald Posthuma, Chief Investment Officer of Asia General Account Investments and Kenny Lam, Senior Managing Director, Head of Asia Real Estate Investments for Manulife, reads: “Vietnam has been one of Asia’s best economic successes and a key growth market for Manulife in the region. With Manulife’s long-term commitment to the country, we are thrilled to partner with LOGOS on this joint venture. The addition of this high quality asset allows us the opportunity to invest in first-class spaces in Vietnam while expanding our logistics presence in Asia.”

The LOGOS Vietnam Logistics Venture was established in August 2020 with a global institutional investor for the development of modern, high-quality logistics facilities across the key markets of Greater Ho Chi Minh, Greater Hanoi and Greater Danang. This acquisition with Manulife Investment Management represents the fourth recent acquisition for this Venture.