LOGOS acquires 25ha Tuas South Property with long-term lease to REC

Friday 4th January 2019

LOGOS is pleased to announce that it has entered into a long-term sale-and-leaseback agreement with the Singapore arm of the global solar firm, REC, for a 25-hectare site in Tuas South, Singapore; one of the largest industrial deals completed in Singapore in the last 12 months.

Tuas is an established and consistently developing industrial submarket of Singapore. The Tuas South property is located next to the future Tuas Mega-Port, which when completed will house all of Singapore’s future container activities and handle up to 65 million standard-sized containers; up from some 40 million today.

The property, built in 2010, includes a 151,810 sqm integrated industrial and warehouse facility 100% leased to REC for the conversion of polysilicon into wafers, solar cells and solar panels. This facility comprises three main buildings, the “wafer building”, the “cell building” and the “module building”, which make up the entire manufacturing chain for the production of solar panels.

Subject to relevant authorities’ approval, LOGOS will look to maximise the land usage on this property and leverage its premier location to support REC’s and its customers’ growth strategies.

LOGOS’ South East Asia Managing Director, Stephen Hawkins said: “Singapore is a key investment market for LOGOS and we remain committed to growing our business in this region. The REC agreement sees us strengthen our presence in the strategic Tuas South market, which is set to benefit from future Government approved infrastructure improvements including the Tuas Mega Port.”

REC Group Chief Financial Officer, Jan Enno Bicker added: “Since our founding 22 years ago in Norway, we have been committed to sustainable growth based on technology leadership and high-quality products. The sale and leaseback transaction will unlock capital which will be deployed to further strengthen REC’s balance sheet and enable investment in new technology and expansion.”

LOGOS is focused on acquiring and developing prime, logistics estates in Singapore and South East Asia.

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