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BUSINESS

Sime Darby Property-LOGOS JV announces first close of US$250 mln fund

24/06/2022 01:23 PM

KUALA LUMPUR, June 24 (Bernama) -- Sime Darby Property Bhd (SDP) and LOGOS SE Asia Pte Ltd joint venture, SDPLOG has announced the first close of its inaugural Industrial Development Fund, with 70 per cent in capital commitments secured for a fund size of up to US$250 million (US$1=RM.4.40).

The Shariah-compliant fund will be anchored by Permodalan Nasional Bhd and unit trust funds under its management and the Retirement Fund Incorporated (KWAP).

This is alongside SDP and LOGOS Property as the sponsors and co-investors of the fund, which would enable the development of logistics assets over the next three years, in accordance with the fund’s business plan.

In a joint statement today, the companies said the immediate capital available to the fund for deployment as at first close is RM500 million. 

Funding from investors will support the development of sustainable, large-scale, integrated modern logistics real estate assets in Malaysia with green building certification.

“At its maiden site, the 71.63-hectare E-Metro Logistics Park, the fund is set to deliver logistics assets spanning eight million square feet in gross lettable area, located in Sime Darby Property’s township of Bandar Bukit Raja, Klang, Selangor,” they said.

SDP’s group managing director, Datuk Azmir Merican said that the fund is capitalising on the sub-themes of logistics and warehousing, e-commerce and cold-chain, which are in high demand, consistent with global trade flows and supply chain developments, as well as rising e-commerce growth alongside the shift in consumer preferences. 

“We are confident that the overall interest in logistics as an asset class will increase.

“The E-Metro Logistics Park is strategically located and connected to highways, seaports, and airports, making it an ideal location for regional supply chain hubs,” he added.

-- BERNAMA


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