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PETALING JAYA: The Sime Darby Property Bhd (SDP) and Logos SE Asia Pte Ltd joint venture (SDPLOG) has reached its target of RM1bil with the closing of its Industrial Development Fund.
In a statement, SDP said the RM1bil syariah-compliant fund consists of five other limited partners, including local institutional investors such as Permodalan Nasional Bhd via unit trust funds under its management, Kumpulan Wang Persaraan (Diperbadankan), alongside Great Eastern Life Assurance (M) Bhd and sophisticated investors through TA Islamic Private Investment Fund.
SDP said capital was sourced from local institutional players, private equity and insurance funds, demonstrating confidence in a range of investors for this type of investment.
“The capital committed enables SDPLOG to continue to pursue the opportunity to develop sustainable, large-scale industrial and logistics real estate in Malaysia that is certified with green building standards. “The fund focuses on key logistics, eCommerce, and cold-chain sectors, aligning with global trade trends and supply chain advancements.”
SDP group managing director Datuk Azmir Merican said he was 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 syariah-compliant investment products that the joint venture can offer, given SDP’s strategic site offerings, Malaysia market expertise and synergy with our global fund management partnership with Logos.
“We believe this will be a good foundation for the firm’s expansion in investment management product offerings.”
The fund’s maiden project is the 177-acre E-Metro Logistics Park located within SDP’s mature township of Bandar Bukit Raja, totalling eight million sq ft of gross lettable area (GLA) on completion.
The development includes built-to-specification and ready-built solutions for tenants to grow their businesses by expanding layout designs according to their commercial needs, including enhancements required for warehouse automation.
Construction for Metrohubs 1 and 2, with around 1.2 million sq ft and 800,000 sq ft in GLA, respectively, is underway at E-Metro Logistics Park.
Metrohub 2 is slated to be completed in the first half of this year, with Metrohub 1 on track to be completed at the end of the year.
The fund also secured J&T Distribution Solution Sdn Bhd and a North Asia-based logistics service provider as the first pre-committed tenants.
The fund is also currently in negotiations with various local and multi-national logistics players as prospective tenants.
