Frasers Property is expanding its industrial real estate presence across North Vietnam through a partnership with local investment company Gelex.
Frasers Propertyβs Vietnam business has agreed to team up with Gelex to jointly invest $250m (β¬232.3m) to develop the assets.
The deal will enable Frasers Property Vietnam (FPV) to initially add 80ha of industrial land to its landbank that will be developed into more than 500,000sqm of ready-built factories, warehouses and build-to-suit facilities.
Lim Hua Tiong, FPVβs CEO, said: βWe look forward to working with a like-minded partner like Gelex Group to expand our industrial portfolio and further develop our industrial capabilities.
βFrasers Property has a global track record and expertise in the industrial & logistics space. We are confident that our quality industrial spaces developed to international specifications and catered to tenantsβ business needs, will add value to Vietnamβs Northern Key Economic Zones.β
Tuan Nguyen, CEO of Gelex, said the partnership with FPV provides momentum for further projects to grow together, βparticularly in establishing excellent industrial parks in Vietnam to fulfill the rising expectations of clientsβ.
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