Logistics company LOGOS purchased its first land for property development in Indonesia after receiving a capital injection of US$400 million from two institutional investors in Canada, IPE Real Estate reported.
Canada Pension Plan Investment Board and Ivanhoe Cambridge Inc. injected funds to the company through a partnership that will back LOGOS' acquisition and development of modern logistics assets in Indonesia. LOGOS also has a separate joint venture with the two Canadian investors focusing on logistics properties in Singapore.
In its first venture in Indonesia, the company plans to construct a three-story facility on land in Pondok Ungu in the city of Bekasi, West Java. LOGOS is allocating US$130 million toward the development of the site, which provides access to Jakarta's central business district, airport and seaport.
LOGOS is in talks with several global companies to lease the facility. The first phase of construction is expected to be completed by the end of 2018, according to the March 29 report.