BW Industrial Development, a logistics and industrial real estate developer and operator, and ESR, an APAC-focused logistics real estate platform, agreed to form a joint venture to develop and own a significant modern industrial park in Vietnam. Financial terms were not disclosed. “Vietnam’s industrial and logistics real estate sector is coming of age. It is one of the most promising markets within Southeast Asia, benefitting from a range of favourable macro-economic factors including its high and stable GDP growth rate, growing income level and thus emerging middle class, rapid urbanisation and infrastructure development. We are most pleased to make our first foray into the Vietnamese market with this meaningful joint venture with BW, the leading local logistics and industrial developer in Vietnam, which sets a strong foundation for our growth plans in the country,” Jeffrey Shen and Stuart Gibson, ESR Co-founders and Co-CEOs.