Boustead Projects ties up with Khai Toan JSC to for Vietnam logistics properties

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Boustead Projects has entered a tie-up with Khai Toan Joint Stock Co. (KTG) to acquire, develop and own a portfolio of logistics and industrial properties in Vietnam, the company said in a filing to SGX Thursday.

Vietnam-based KTG has a large industrial real estate footprint in key logistics regions in Vietnam, the filing said, citing the company’s development and ownership of industrial assets in the Greater Hanoi and Greater Ho Chi Minh regions.

Boustead Projects said it planned to deepen the business relationship with KTG via exploring other available and attractive opportunities related to KTG’s other assets in Vietnam.

Boustead Projects said it entered the tie up via its wholly owned subsidiary BP-Vietnam Development (BP-VD), which will own a portfolio of logistics and industrial properties in Vietnam by acquiring 60 percent of KTG & Boustead Joint Stock Co. (KBJSC) for VND651 billion, or around US$28.2 million.

KBJSC is the parent of KTG & Boustead Industrial Logistics JS Co.