Sime Darby Property and LOGOS Property JV Announces Preliminary Commitments of 50% for First Close of its Industrial Development Fund
Thursday 14th April 2022
– The JV’s inaugural Industrial Development Fund has a fund size of US$250 million (~RM1 billion);
– Substantial commitments to the Fund by leading institutional investors;
– Its maiden development, the E-Metro Logistics Park, is set to deliver logistics solutions with world-class facilities in Bandar Bukit Raja, Klang.
ARA DAMANSARA / SINGAPORE / SYDNEY, 11 APRIL 2022 – The Sime Darby Property Berhad (“Sime Darby Property”) and LOGOS SE Asia Pte. Ltd. (“LOGOS Property”) joint venture (“SDPLOG”) is pleased to announce that it has secured preliminary commitments of 50% for the First Close of its inaugural Industrial Development Fund (“Fund”) at US$250 million. It will focus on investing and developing high-quality industrial and logistics real estate assets in Bandar Bukit Raja in Klang, Selangor.
The commitment is anchored by leading institutional investors, and SDPLOG is confident of securing further commitments in 2022, given an overall healthy investors’ interest in logistics as an asset class.
Sime Darby Property’s Group Managing Director, Dato’ Azmir Merican said there is strong demand for quality real estate investment within the industrial and logistics sector. “We are making good progress in developing investment grade assets in Malaysia and to support the increase in demand for quality logistics products, infrastructure, as well as efficient supply chain management,” he said.
LOGOS Property’s Head of Malaysia David Aboud added: “The location of the E-Metro Logistics Park is very attractive to a wide range of end users and as witnessed across the region, we expect to see a clear trend for high specifications to be incorporated within modern logistics facilities within the Park. This includes a growing demand for cold stores with climate-controlled warehousing as well as automated solutions to support the increasing sophistication of supply chains.”
Design and development work for two facilities in the E-Metro Logistics Park, the Fund’s maiden asset is underway with construction having commenced in end-March 2022. The eco-friendly 177-acre development is set to deliver efficient industrial and logistics solutions spanning 8 million sq. ft. in gross leasable area, with world-class expertise and facilities equipped with sustainable green features.
The E-Metro Logistics Park features excellent connectivity to major logistics hubs such as Port Klang and the Kuala Lumpur International Airports, as it is accessible via major highways namely the New Klang Valley Expressway (“NKVE”), Federal Highway, New North Klang Straits Bypass (“SHAPADU”) and the West Coast Expressway (“WCE”).
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