LOGOS acquires Tuas property for a S$79Million redevelopment
Thursday 21st December 2017
LOGOS is pleased to announce that it has acquired an industrial property in Tuas, which it intends to redevelop into a modern food processing and logistics facility for a total estimated development cost of S$79 million.
The property, located at 21 Tuas West Drive, Singapore, enjoys convenient proximity and access to the Tuas West MRT station, future Tuas Mega Port and Tuas second Link Checkpoint.
LOGOS will redevelop the property into a five level food processing and logistics facility with ancillary office space, offering a total net lettable area of approximately 27,000 square metres.
The facility has been substantially pre-leased to an anchor tenant and LOGOS is currently in discussions with several companies regarding the remaining space. Construction will commence immediately following acquisition, subject to relevant planning and construction approvals, with completion scheduled
for early 2019.
LOGOS Southeast Asia Managing Director, Stephen Hawkins said: Singapore is a key investment market for LOGOS and were excited to be undertaking our first food sector development in Southeast Asia in line with our growth strategy. In addition to being in an approved food zone, our new project provides for close proximity to the Tuas Mega Port and is supported by extensive infrastructure including immediate MRT access.
LOGOS Joint Managing Director, Trent Iliffe, added: LOGOS has a solid track record in investing in and developing F&B logistic facilities across Asia, with the F&B sector representing over 30% of our Pan Asian business. The Tuas development is a great opportunity for LOGOS to leverage our regional expertise and global design standards to deliver a first class food processing and food distribution facility.
This strategic investment was made by LOGOSs Singapore venture that focuses on the acquisition and development of high quality, modern logistics properties in Singapore. The acquisition of 21 Tuas West Drive takes the number of assets in this venture to four. The other assets consist of two multi-storey logistics warehouse facilities and one development site, all of which are fully leased. The total
commitments in Singapore provide LOGOS with over S$800 million in investment capacity.
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