LOGOS establishes new partnership with Ivanhoé Cambridge, CPPIB, Bouwinvest and LaSalle GPS as part of S$585m (approx. US$430m) REC property acquisition

Friday 25th January 2019

LOGOS is pleased to announce the establishment of a new investment partnership to acquire the 25-hectare REC site in Tuas South, Singapore which was completed on 10th January 2019.

The new partnership, comprising the Ivanhoé Cambridge and Canada Pension Plan Investment Board (CPPIB) backed LOGOS Singapore Logistics Venture (LSLV) and new investors, Bouwinvest Real Estate Investors and LaSalle Global Partner Solutions (LaSalle GPS), has acquired the S$585m (approximately US$430m) property via a long-term sale-and-leaseback agreement with the Singapore arm of the global solar firm, REC.

The Partnership offers LOGOS and its investors a unique opportunity to invest in the Singaporean clean energy sub-sector with a high quality, underlying master tenant in REC.

LOGOS’ South East Asia Managing Director, Stephen Hawkins said: “We are very pleased to strengthen our relationship with Ivanhoé Cambridge and CPPIB and to welcome Bouwinvest and LaSalle GPS as new capital partners to the LOGOS business through this important acquisition. We look forward to working with them as we manage this property and add value through future development expansion, subject to relevant approvals”.

Rita-Rose Gagné, Ivanhoé Cambridge’s President, Growth Markets, said: “This strategic acquisition allows us to work alongside knowledgeable and accomplished new partners in Bouwinvest and LaSalle GPS as we continue to grow our footprint in the region with LOGOS, a best-in-class Asia Pacific real estate specialist”.

CPPIB’s Managing Director and Head of Real Estate Investments Asia, Jimmy Phua, said: “CPPIB looks forward to growing our interests in Singapore logistics with top quality, like-minded partners in Bouwinvest and LaSalle GPS. This is CPPIB’s sixth investment in Singapore through LOGOS and this Partnership will continue the strong momentum generated by LOGOS since the inception of LSLV in 2017”.

Tjarko Edzes, Director for Asia Pacific Investments for Bouwinvest commented: “The REC acquisition is a landmark transaction in Singapore and we are pleased with this co-investment to expand our presence in the Asia Pacific region, where Bouwinvest has recently opened a local office. We are delighted to partner with LOGOS and top-quality, like-minded investors Ivanhoé Cambridge, CPPIB and LaSalle GPS in this deal”.

Bart Coenraads, Managing Director Asia Pacific for LaSalle Global Partner Solutions, added: “We are delighted to join this Partnership on behalf of three of our clients. This deal further deepens our presence in the Asia Pacific real estate markets and is the result of LaSalle GPS’ ability to find relative value across geographies and sectors globally for our clients. We are excited to work with LOGOS on this investment alongside our reputable joint-venture partners in this top quality investment opportunity”.

LSLV has investments in six projects in Singapore with an expected GFA of 596,433sqm. The acquisition expands LOGOS’ Singapore portfolio into the renewable energy space.

Macquarie Capital (Australia) Limited (together and through its affiliates, Macquarie Real Estate Investments) acted as exclusive financial adviser to LOGOS for the transaction.

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