24 Jan 2019
Bouwinvest has invested € 48 million in logistic and industrial real estate in Singapore, strategically located near the upcoming new container terminal (Tuas Mega Port) which will be the largest terminal in the world. The site will be acquired by logistics developer/manager Logos for a joint venture with investors CPPIB and Ivanhoe Cambridge, and co-investors Aviva Investors.
The site of 250,000 sqm land area consists of two components: 150,000 sqm of existing buildings on a 20 year lease to solar panel producer REC and 100,000 sqm of pre-approved logistics development.
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.
Bouwinvest € 48m investment represents a 24.5% stake in the project. An Investor Committee will be established on which Bouwinvest will hold a seat.
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”.
Bouwinvest’s Asia/Pacific investments are part of a broader international growth strategy where the institutional investment manager is also expanding across North American and European markets to raise the proportion of real estate assets held outside its domestic Dutch home base to 40% of the total portfolio. Within the Netherlands, Bouwinvest manages its assets in-house, and internationally it is aiming to do more direct investments with local operating partners such as LOGOS.