Logos Indo 2020 (IFC-43835)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Cikarang and Cibitung of West Java, Indonesia.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 30, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
PT LOGOS INDONESIA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 120.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 120.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 120.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 15, 2020

Disclosed by Bank Sep 17, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank document, "LOGOS Property Group Ltd (“LOGOS” or “the company”) is a company working in the logistics sector with operations across Australia, China, Singapore, Indonesia, Korea, Malaysia, Vietnam, India and New Zealand.

LOGOS Indonesia Logistics Venture L.P. (the “sponsor”) is a platform established by LOGOS under its Southeast Asian arm in Indonesia. The proposed IFC investment is up to US$120 million loan facility to support the development of two logistic property facilities, consisting of:

  1. a single-storey warehouse – to be developed and owned by PT LOGOS Indonesia Deltamas One (“Borrower 1”) and located in Cikarang of West Java, Indonesia (“Sub- Project 1”); and
  1. two 3-storey ramp-up warehouses – to be developed and owned by PT LOGOS Indonesia Prime One (“Borrower 2”) and located in Cibitung of West Java, Indonesia (“Sub-Project 2” and together with Sub-Project 1, the Project)".       
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed IFC investment (the “project”) is a loan for up to US$120 million to fund the development of the sub-projects.  The loan facility will comprise (i) an A loan of up to US$73 million for IFC’s own account, and (ii) a Trust Loan of up to US$ 47 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program.                                         

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Founded in 2010, LOGOS Property Group Ltd (“LOGOS”) is one of Asia Pacific’s logistics property groups with operations across Australia, China, Singapore, Indonesia, Korea, Malaysia, Vietnam, India and New Zealand. LOGOS Indonesia Logistics Venture L.P. (“Sponsor”) is a platform established by LOGOS under its Southeast Asian arm to develop and own high quality, modern warehouses in Indonesia.  The Sponsor has approximately US$280 million committed capital from its limited partners, namely, LILV Sponsor Investment Pte. Ltd. (subsidiary of LOGOS), Canada Pension Plan Investment Board and Ivanhoé Cambridge, the real estate subsidiary of Caisse de dépôt et placement du Québec.

Both Borrower 1 and Borrower 2 are 100% owned by the Sponsor.            

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Canada Pension Plan Investment Board Investor -
- - - - Ivanhoé Cambridge Investor -
- - - - LILV Sponsor Investment Pte. Ltd. Investor -
- - - - LOGOS Indonesia Logistics Venture L.P. Parent Company -
- - - - LOGOS Property Group Ltd Investor -
- - - - PT LOGOS Indonesia Deltamas One Client -
- - - - PT LOGOS Indonesia Prime One Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact

PT LOGOS Indonesia Deltamas OnePT LOGOS Indonesia Prime One
Jason Teo
Corporate Treasurer
+65 6491 0068
JasonTeo@logosproperty.com
50 Collyer Quay, #05-05 OUE Bayfront, Singapore
logosproperty.com

IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access for Project Documentation

No.50 Collyer Quay, #05-05 OUE Bayfront, Singapore   

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works