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Logos, Sime Darby Hit $213M Final Closing for Malaysia Development Fund

May 28, 2024
in Technology
Logos, Sime Darby Hit $213M Final Closing for Malaysia Development Fund
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E-Metro Logistics Park’s first two phases are to be completed this year

A joint venture of Logos and Sime Darby Property has reached a final closing of its fund targeting development of logistics assets in Malaysia, with the vehicle attracting MYR 1 billion ($213 million) in committed capital.

The fundraising haul will enable the SDPLOG JV to continue pursuing opportunities to develop large industrial projects in line with green building standards, the partners said Monday in a release. Industrial Development Fund’s maiden project is E-Metro Logistics Park in Sime Darby Property’s township of Bandar Bukit Raja in Selangor state’s Klang district, with a planned gross lettable area of 8 million square feet (743,224 square metres).

Sime Darby Property, a unit of the Malaysian conglomerate, and Sydney-based industrial specialist Logos signed up limited partners including state-backed fund manager PNB, pension fund KWAP, insurer Great Eastern Life Assurance and the TA Islamic Private Investment Fund for the development vehicle.

“We’re pleased to receive strong support across a wide mix of institutional investors,” said Sime Darby Property managing director Azmir Merican. “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.”

Maiden Project’s Progress

Construction is proceeding on the first two phases of the 177 acre (71.6 hectare) E-Metro Logistics Park, with 1.2 million and 800,000 square feet of respective GLA at Metrohub 1 and Metrohub 2. Metrohub 2 is scheduled for completion in the first half of 2024 and Metrohub 1 at the end of the year.

Sime Darby Property managing director, Dato’ Azmir Merican

Sime Darby Property managing director Azmir Merican

The fund has secured J&T Distribution Solution and an unspecified North Asia-based logistics service provider as E-Metro’s first pre-committed tenants. Talks are underway with other local and multinational logistics players as prospective tenants, according to the partners.

SDPLOG continues to see strong demand for investment-grade industrial assets, said David Aboud, head of Malaysia at Logos, a subsidiary of Hong Kong-listed giant ESR.

“We look forward to delivering on our strong pipeline of inquiries from international and local logistics tenants through this fund,” Aboud said.

Valley Whirl

Sime Darby Property holds 51 percent of the equity in SDPLOG and is the first publicly listed developer in Malaysia to launch an industrial development fund. The remaining 49 percent in the JV is held by Logos, which has 11.3 million square metres of property owned and under development and total assets under management of more than $22.9 billion across 35 ventures.

The industrial sector in Malaysia’s Klang Valley recorded at least nine transactions of more than MYR 30 million each during the second half of 2023, according to Knight Frank research.

“Klang Valley remains as the top investment destination due to its robust digital infrastructure, ease of doing business and innovative ecosystem that nurtures talent,” the consultancy said in its Real Estate Highlights report.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/logistics/logos-sime-darby-hit-213m-final-closing-of-malaysia-development-fund/

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