Artist impression: The fund will focus on key logistics, e-commerce and coldchain sectors.
PETALING JAYA: The Sime Darby Property Bhd and LOGOS SE Asia Pte Ltd joint venture (SDPLOG) has announced the close of its Industrial Development Fund at RM1bil. Sime Darby Property and LOGOS Property sponsored the fund, with five other limited partners, Permodalan Nasional Bhd via unit trust funds under its management (PNB), Kumpulan Wang Persaraan (Diperbadankan) (KWAP), Great Eastern Life Assurance (Malaysia) Bhd and investors through TA Islamic Private Investment Fund.
The capital is expected to go towards large-scale industrial and logistics real estate with certified green building standards, focusing on key logistics, e-commerce and cold-chain sectors.
“We’re pleased to receive strong support across a wide mix of institutional investors. The diversity of investors is a testament to the market recognition of our strength to deliver high-risk adjusted returns and clear demand on the Shariah-compliant investment products that the joint venture can offer given Sime Darby Property’s strategic site offerings, Malaysia market expertise and synergy with our global fund management partnership with LOGOS,” Sime Darby Property group managing director Datuk Azmir Merican said.
“Underpinned by strong growth in the macro-economic trends across Malaysia and ASEAN, the joint venture has continued to see strong demand for investment grade logistics and industrial assets... We look forward to delivering on our strong pipeline of inquiries from international and local logistics tenants through this fund,” LOGOS Malaysia head David Aboud said.
Located in Sime Darby Property’s Bandar Bukit Raja township, the fund's maiden project is the 177-acre E-Metro Logistics Park, with a total of eight million sq ft of gross lettable area.
Currently, construction for Metrohubs 1 and 2, with approximately 1.2 million sq ft and approximately 800,000 sq ft respectively, is underway at E-Metro Logistics Park. Metrohub 2 is slated to be completed in the first half of 2024, with Metrohub 1 at the end of the year.
The fund reportedly secured J&T Distribution Solution Sdn Bhd and a North Asia-based logistics service provider as the first pre-committed tenants.
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