LOGOS acquires 25 hectare Tuas South Avenue 14 site for $585m
The site houses an integrated industrial and warehouse facility with a total gross floor area of 1.6 million sq ft.
Logistics property specialist LOGOS has purchased a 25 ha site at Tuas South Avenue 14 for $585m via a sale-and-leaseback agreement with solar firm REC, an announcement by CBRE revealed.
It marks Singapore’s largest single-asset industrial transaction in the last year, according to CBRE which brokered the deal. The site houses an integrated industrial and warehouse facility with a total gross floor area of 1.6 million sq ft.
Under the agreement, REC will continue to produce solar panels at the highly advanced facility in Tuas for 20 years. The property is located next to the future Tuas Mega Port which when completed in 2040, will house all of Singapore’s future container activities and handle up to 65 million standard-sized containers.
“We have been experiencing strong demand from a wide variety of institutional investors for high quality industrial real estate in Singapore,” CBRE executive director of industrial and logistics services Rimon Ambarchi said in a statement. “These investors are attracted by the relatively strong yields that are still available in this strong core market.”