February 17, 2022
LOGOS, Manulife Investment Management, and the LOGOS Vietnam Logistics Venture announce the joint venture acquisition of 11-hectare asset in Greater HCMC
Hong Kong/Vietnam - LOGOS, ManulifeInvestment 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 techwarehouse 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.
LOGOS is a dynamic and growing logistics specialist with operations across 10 countries in Asia Pacific. LOGOS’ shareholders comprise ESR Group, APAC’s largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally, and its Founders, John Marsh and Trent Iliffe.
LOGOS manages every aspect of logistics real estate, including investment management, sourcing land or facilities and undertaking development and asset management, on behalf of some of the world’s leading global real estate investors. LOGOS has circa 9.1 million sqm of property owned and under development, with a total completed value of over US$19.6 billion, across 31 ventures. For more information: www.logosproperty.com.
Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions and retirement plan members worldwide. Our principal operations are in Asia and Canada, and the United States, where we have served customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. In the previous 12 months we made CAD$31.8 billion in payments to our customers. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
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