Warburg Pincus-backed industrial logistics platform BW Industrial has announced a $120-million partnership with a leading global institutional investor to develop a portfolio of high-quality industrial projects across key industrial hubs in Vietnam.
Under the partnership, BW will serve as the asset and development manager for the portfolio, overseeing deal sourcing, project development, operations, and investment management.
The name of the global institutional investor is undisclosed.
The joint venture will be seeded with three high-quality development projects with a combined gross floor area of around 270,000 sq mt and feature an attractive pipeline of identified opportunities.
Scheduled for completion in 2026-27, these developments will benefit from direct access to major highways, international airports, and seaports, along with strategic locations, supporting demand from tenants in the electronics, automotive, and other high value-added industries.
The partnership will focus on developing modern and large-scale industrial assets to serve the rising demand for high- quality, modular, ready-built factories from rapidly-growing multinational and domestic enterprises.
“We are proud to establish this partnership with a leading global institutional investor to capture the strong demand from our customers for ready-built factories.. By combining BW’s local expertise with the investor’s global investment experience, we are well-positioned to deliver sustainable value and contribute to the country’s long-term industrial development,” Fion Ng, COO of BW, said in a statement.
Since its establishment in 2018, BW has evolved into a leading industrial real estate platform in Vietnam. To date, it has leased more than 4 million sq mt of gross floor area of completed operating assets, serving over 470 tenants as of December 2025, of which more than 90% is foreign direct investment (FDI).
BW was founded by Warburg Pincus, a leading global private equity firm and one of the largest and most active investors in Asia real estate; and Becamex IDC, the largest state-owned industrial and infrastructure developer in Vietnam. In 2023, ESR Group, Asia-Pacific’s real asset owner and manager, became a strategic investor in BW.
In 2023, ESR Group, through its wholly-owned subsidiary, has led a funding round to take a strategic equity stake in BW as a part of the latter’s larger primary capital raise of up to approximately $450 million that includes other leading strategic and financial investors in Asia.
