Singapore: Warburg Pincus, the private equity firm that’s been betting on the growth of the Asian logistics sector, is forming a joint venture to develop industrial properties in Vietnam.

The New York-based firm and Vietnam’s Investment & Industrial Development Corp, the state-owned firm known as Becamex IDC, are committing more than $200 million (Dh734.6 million) to the partnership, Warburg Pincus said in an emailed statement Monday, confirming an earlier Bloomberg News report.

The venture, called BW Industrial Development JSC, will use the capital to develop and operate modern warehouses and factories in key economic and industrial zones, according to Jeffrey Perlman, head of south-east Asia at Warburg Pincus. It could also target industrial-related properties including research centres, flex office space and data centres, he said.