It would invest over $20 million in a joint venture with the Vietnamese firm’s subsidiary An Phat Complex to develop the industrial park with ready-built factories and warehouses for lease at a cost of $250 million, Actis announced Monday.

Construction is scheduled to start in July. Once operational in the fourth quarter of this year, it is expected to house 50-70 manufacturing plants with some 12,000 workers.

It is expected to achieve full occupancy by 2024.

Brian Chinappi, head of Asia Real Estate at Actis, said: "Vietnam’s industrial and logistics real estate market is poised for outsized growth given the sustained relocation of manufacturing bases from markets like China, strong growth in domestic exports and imports, and an accelerating shift to e-commerce retailing."

According to Savills Vietnam, industrial real estate and logistics are forecast to grow quickly despite the Covid-19 pandemic, with logistics assets providing returns of 9-11 percent.