LOGOS expands its Singapore Portfolio with the Acquisition of 28 Quality Road, Singapore

Media
Thursday 29th July 2021

LOGOS is pleased to announce the completion of a sale and purchase agreement with Pteris Global Limited (PGL) for an existing three-storey, 22,500sqm industrial property at 28 Quality Road, Singapore. The acquisition includes a partial lease back to PGL, with Iron Mountain Singapore leasing the remaining space. LOGOS intends to add value to the property through future redevelopment of the site, subject to relevant planning approvals.

28 Quality Road is situated within Jurong Industrial Estate which is conveniently located along the AYE expressway, offering direct access to the city and future Tuas Mega Port. Jurong Industrial Estate is one of Singapore’s key logistics hubs with key tenants including Caterpillar, Nestle, Mondelez and International Paint Singapore (subsidiary of AkzoNobel). The Estate is also situated near to Boon Lay and Pioneer MRT stations.

LOGOS’ Managing Director, Stephen Hawkins said: “We are pleased to be extending our investment in Singapore through this strategic acquisition. 28 Quality Road is well located and provides an opportunity for further value enhancement, which is in line with LOGOS’ investment strategy to expand and strengthen our specialist industrial and logistics real estate platform.

“We are pleased PGL will continue as the anchor tenant for this property and are excited to be extending our relationship with Iron Mountain, who also lease space across our Indian portfolio,” Mr Hawkins added.

Ivanhoé Cambridge’s Senior Vice President for Asia Pacific, George Agethen, said: “This property is a great addition to our growing Singapore portfolio and an integral part of our global logistics strategy. With the tailwinds of consumption and connectivity within Asia, our portfolio in Singapore has proven resilient to the impacts of COVID-19 and is well positioned for a post-COVID economic recovery.”

The acquisition is LOGOS Singapore Logistics Venture 2’s second investment. The Venture is focused on the acquisition and development of high quality, modern logistics properties in Singapore.