Logos, CSC to redevelop ramp-up warehouse in Singapore for $76m

Photo: Logos Group

Australia-headquartered logistics property group LOGOS Group is partnering with Singapore-listed CSC Holdings to redevelop an existing industrial site in the city-state into a modern ramp-up warehouse for S$108 million ($76 million), according to an announcement.

The redevelopment forms part of LOGO’s newest Singapore fund – Singapore Logistics Ventures 2 – which closed with an investment capacity of S$1.2 billion ($846 million), the company said.

The fund, which is the group’s third venture in Singapore, seeks to acquire and develop high quality, modern logistics properties in the city-state.

LOGOS, a logistics company backed by ARA Asset Management, said the partnership will redevelop 2 Tanjong Penjuru Crescent, a four-storey industrial property, into a 46,000 sq m modern six-storey ramp-up logistics facility with office space, a cafeteria, and rooftop parking.

CSC has committed to a long-term pre-lease for the property on completion.

The industrial site – 2 Tanjong Penjuru Crescent – is located within Jurong Industrial estate near Singapore’s central business district and Jurong Lake District.

The redevelopment comes as the global coronavirus pandemic continues to affect market conditions around the world.

In Singapore, however, Stephen Hawkins, managing director of LOGOS’ South East Asia business, said investors and tenants continued to be interested in the logistics real estate sector “because it had continued to provide an essential service to the local community,” especially in the current market conditions.

“Located within one of Singapore’s key logistics hubs and offering close proximity to the seaports, 2 Tanjong Penjuru Crescent is a strategic addition to our portfolio as we look to expand and strengthen our specialist logistics real estate platform in the Singapore market,” Hawkins said.

LOGOS also assured that it is working within the local government’s Covid-19 lockdown regulations and that construction work on the facility will commence after the lockdown, subject to relevant planning and construction approvals.

In March, Singapore’s ARA Asset Management acquired a majority stake in LOGOS Group for a reported nearly $361 million. With the acquisition, LOGOS will operate as ARA’s exclusive platform for logistics assets globally.

Founded in 2010, LOGOS currently operates across eight countries in the Asia Pacific region. It has over 6 million sq m of property owned and under development, with a completed value of A$10 billion ($6.5 billion), across 20 ventures, including the Singapore-listed ARA LOGOS Logistics Trust.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.