Given its prime location, extensive expressway networks, and excellent connectivity to densely populated centres, major manufacturing clusters, ports and airports, the project will be ideally suited to export manufacturers and tenants seeking alternative port-based locations. The project is scheduled for completion in the second quarter of 2023.

Lance Li, CEO of BW, said: “This project encompasses 237,455 square metres of land acquired in partnership with Deep C since the end of 2019. As we’ve seen tenants move from Bac Ninh to Bac Giang with Hai Phong’s industrial parks reaching full occupancy, we expect a similar trend among investors to seek space in Quang Ninh. Viet Nam has emerged as the biggest beneficiary of pandemic-induced supply chain relocations; we see ample room for growth in industrial real estate and will continue to invest heavily in international-grade factories and warehouses across the country.”

Through the execution of a clear and consistent growth strategy since its establishment, BW is the largest for-rent industrial platform in Viet Nam with over 7.76 million square metres of prime industrial land under control across more than 35 projects in 26 strategic economic locations throughout Viet Nam.

The latest transaction will add a total gross floor area (GFA) of around 47,000 square metres to its portfolio, expanding its current GFA to 2.2 million square metres of properties completed or under construction.

“We are currently witnessing a once-in-a-generation, tech-driven change in real estate. BW continues to be a pioneer in the market, accelerating our growth trajectory on the back of greenfield developments, acquisitions, and joint ventures. We believe the firm is well-positioned to answer the demand as new economy real estate continues to grow,” Li added.

Koen Soenens, general sales and marketing director of DEEP C Industrial Zones, said: “The Bac Tien Phong Industrial Zone features an all-in-one model that integrates a dedicated (petro)chemical park and a built-in seaport complex with general cargo terminals and liquids jetties. The goal is to develop an industrial zone that fits an array of industries while leveraging tenants’ logistics advantages on top of the existing excellent connectivity.”

New investments in ready-built factories have been flowing into DEEP C in Quang Ninh, especially the Bac Tien Phong Industrial Zone.

“Large industrial real estate developers like BW are leading the industrial transformation of Quang Ninh, ready to reap the advantages offered to first movers. At the same time, the high concentration of for-rent industrial space projects proves the increase in investment demand as well as market potential,” Koen added.

The transaction is subject to relevant regulatory approvals.

Founded by Warburg Pincus, a leading global private equity firm, and Becamex IDC, a leading industrial infrastructure developer in Viet Nam - BW is Viet Nam’s largest and fastest-growing logistics and industrial real estate developer with over 7.76 million square metres of prime industrial land under control across more than 35 projects in 26 strategic economic locations across the country.

BW has been focused on developing light industrial and modern warehouses to capture the outsized manufacturing growth, increasing domestic consumption, and rapid growth in e-commerce.

DEEP C is a cluster of industrial zones developed and operated by Infra Asia Investment Hong Kong, majority-owned by Belgian company Ackermans & van Haaren in Hai Phong City and Quang Ninh, the fastest-growing region in Viet Nam.

Bac Tien Phong Industrial Zone is jointly developed by DEEP C and Hateco Group – a Vietnamese conglomerate in real estate, logistics, seaports and more. Together, Bac Tien Phong and Nam Tien Phong Industrial Zone form DEEP C Quang Ninh industrial cluster located in Quang Yen Coastal Economic Zone, Quang Ninh province, aiming to become a seamless industrial zone ecosystem connected to seaports.