SINGAPORE - Logistics real estate company Logos on Thursday (Dec 21) announced that it has acquired an industrial property in Tuas, which it plans to redevelop into a modern food processing and logistics facility for an estimated development cost of S$79 million.

The facility will have five floors, with ancillary office space, offering a total net lettable area of about 27,000 sq m.

Currently, the facility has been substantially pre-leased to an anchor tenant and Logos is in discussions with several companies regarding the remaining space.

Construction will begin immediately following the acquisition, subject to relevant planning and construction approvals, with completion scheduled for early 2019.

The property at 21 Tuas West Drive is near Tuas West MRT station, the future Tuas Mega Port and Tuas second Link Checkpoint.

This is the company's first food sector development in South-east Asia.

Logos joint managing director Trent Iliffe said: "Logos has a solid track record in investing in and developing F&B (food and beverage) logistic facilities across Asia, with the F&B sector representing over 30 per cent of our Pan- Asian business."

This strategic investment was made by Logos' Singapore venture, which focuses on acquiring and developing modern logistics properties in Singapore. The latest acquisition takes the number of assets in Singapore to four.

Its other assets consist of two multi-storey logistics warehouse facilities and one development site, all of which are fully leased.

The total fund commitments in Singapore provide Logos with over S$800 million in investment capacity, it said.