Hankyu Hanshin Properties buys stake in Japan-Singapore distribution warehouse JV in Vietnam
HANOI, NNA – Hankyu Hanshin Properties Corp. has bought a stake in Sembcorp Infra Services Pte. Ltd. (SIS), a Japan-Singapore logistics property joint venture in Vietnam, for an undisclosed sum.
The Osaka-based real estate company announced on Thursday that it acquired shares in the joint venture on Wednesday. A spokesman for the firm told NNA that details of the deal are being kept confidential, including the investment ratio between stakeholders in SIS, which is capitalized at $16.82 million.
Hankyu Hanshin Properties joined two other stakeholders in SIS -- CRE Asia Pte. Ltd. and Sembcorp Development Ltd. -- in developing logistics facilities at VSIP Hai Phong, an industrial park.
CRE Asia is a subsidiary of CRE Inc., a Tokyo-based logistics property leasing and managing company, while Sembcorp Development is an affiliate of Singapore government-backed Temasek Holdings Pte. Ltd.
The joint venture already has three distribution warehouses with a total floor space of 43,565 square meters in the industrial park in Hai Phong, northern Vietnam’s largest port city.
The Vietnamese logistics property market is enjoying steady growth thanks to the expansion of e-commerce in the country, CRE said in a statement.
Vietnam is the third foreign country where the Osaka-based real estate company is engaged in the logistics property business, following Indonesia and Singapore.
Hankyu Hanshin Properties is affiliated with Hankyu Hanshin Holdings Inc., which has two major Osaka-based railway operators, Hankyu Corp. and Hanshin Electric Railway Co., under its umbrella.