Industrial developer Logos has made a fourth acquisition under its Vietnam logistics development vehicle, teaming with Manulife Investment Management for an investment in a newly built asset in a key manufacturing hub northeast of Ho Chi Minh City. The Logos-Manulife joint venture is acquiring the build-to-suit industrial complex for an undisclosed amount from an existing Logos partnership with a local developer, in a deal that marks the first partnership between Logos and Manulife. The Canadian insurer has been rapidly expanding its property business in Asia and worldwide. The property located 60 kilometres (37 miles) northeast of central Ho Chi Minh City along Highway 1A is 100 percent committed to a global occupier on an initial five-year lease term, Logos said Thursday.
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 $350 million Logos Vietnam Logistics Venture was launched in August 2020 with an unspecified institutional investor believed to be Singaporean sovereign wealth fund GIC. The vehicle made its first acquisition in October of that year, buying a plot outside of Hanoi to develop a facility spanning up to 80,000 square metres of warehouse space with an expected asset value of $70 million upon completion. The news of Manulife’s Vietnam excursion with Logos came on the same day that the Toronto-based giant announced Feliciano’s appointment to oversee all aspects of the real estate business, including portfolio management, investments, asset management and the integration of sustainability into both investments and operations.