Multi-storey warehouse latest Logos project in Asia
Logos Property Pty Ltd, the Sydney-based industrial property developer which launched its second Auckland project in Auckland in April, continued its launch of projects around Asia last week.
The founders of Logos formally ceded majority ownership to Singaporean fund manager ARA Asset Management Ltd in March, and the company has got busier.
The latest venture is the kind of multi-storey warehousing common in Asia, not seen in New Zealand, where land isn’t at the same premium.
Last week, Logos & Singapore-listed CSC Holdings Ltd said they’d redevelop 2 Tanjong Penjuru Crescent in Singapore’s Jurong Industrial Estate into a modern 6-storey ramp-up warehouse, for an estimated total development cost of $S108 million.
The redevelopment forms part of Logos’s newest Singapore fund, the Singapore Logistics Venture 2, which recently closed with an investment capacity of $S1.2 billion for the acquisition & development of high quality, modern logistics properties in Singapore.
The partners will redevelop the existing 4-storey industrial property into a 46,000m² 6-storey ramp-up logistics facility with office space, a cafeteria & rooftop parking. The new facility will include a built-to-suit high-spec workshop for CSC Holdings, which has committed to a long-term pre-lease for the property on completion.
Earlier stories on this website:
24 April 2020: Logos brings in Dutch & Gulf partners for fourth Chinese logistics development venture
15 April 2020: Logos buys in Otahuhu for second NZ industrial estate
15 April 2020: Backgrounder: International industrial property expansion – Logos, ARA, Goodman links, Ivanhoé Cambridge, Plenary Americas, CBRE Global Investors, Toll & Japan Post
10 July 2019: AustralianSuper joins Logos to develop Wiri Logistics Estate