Logistics real estate group Logos announced on Dec 21 that it has acquired an industrial property at 21 Tuas West Drive, which it intends to redevelop into a modern food processing and logistics facility for a total development cost of $79 million.

Construction of the new five level food processing and logistics facility with ancillary office space, with a total net lettable area of about 27,000 sq m, is scheduled to be completed in early 2019. The facility has been substantially pre-leased to an anchor tenant and LOGOS is currently in discussions with several companies regarding the remaining space.

The acquisition was made by LOGOS’s Singapore venture that focuses on the acquisition and development of logistics properties in Singapore. There are currently four assets in the venture, with the others being two multi-storey logistics warehouse facilities and one development site, all of which are fully leased. The total commitments in Singapore provide LOGOS with over $800 million in investment capacity.