KLANG / SINGAPORE / SYDNEY, 8 JULY 2022 – The Sime Darby Property Berhad (“Sime Darby Property”) and LOGOS SE Asia Pte. Ltd. (“LOGOS Property”) joint venture (“SDPLOG”) today marked a memorable milestone with the commencement of groundwork of its maiden asset, the E-Metro Logistics Park at Bandar Bukit Raja in Klang, Selangor. A groundbreaking ceremony was held with Selangor Menteri Besar, YAB Dato’ Seri Amirudin bin Shari officiating the event.
The E-Metro Logistics Park is the first Industrial & Logistics development under SDPLOG’s inaugural Industrial Development Fund (“Fund”) which recently announced 70% in capital commitment secured at First Close for a fund size of up to US$250 million. The Shariah-compliant Fund will be anchored by Permodalan Nasional Berhad and unit trust funds under its management (“PNB”) as well as Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”), with Sime Darby Property and LOGOS Property as sponsors of and co-investors in the Fund.
Located within Sime Darby Property’s mature township of Bandar Bukit Raja, E-Metro Logistics Park is a 177-acre freehold logistics development which will be transformed into a sustainable, large-scale, integrated logistics Park totalling 8 million sq ft of Gross Lettable Area (“GLA”) on completion. The Park will include built-to-specification and ready-built solutions to provide tenant customers with the flexibility to grow their businesses by adopting and expanding layout designs according to their commercial needs, including enhancements required for warehouse automation.
The development will leverage Sime Darby Property and LOGOS Property’s strategic partnership and property expertise, and will meet the Gold LEED certification standard in line with SDPLOG’s commitment for all its developments.
Selangor Menteri Besar YAB Dato’ Seri Amirudin bin Shari said in his officiating speech, “The E-Metro Logistics Park’s strategic location and connectivity to highways, seaports, and airports, alongside its attractive logistics facilities, makes it ideal for regional supply chain hubs. I am pleased to note that this development will support our goals in reinforcing Selangor’s industrial-driven sectors, as well as strengthening Port Klang’s position as a maritime centre and logistics hub not just in Malaysia, but also Southeast Asia too.”
Sime Darby Property’s Group Managing Director, Dato’ Azmir Merican said, “We are activating our strategically located landbanks to derive more value in the long run and advance the company’s Industrial & Logistics Development offerings. Together with LOGOS Property, we are developing high-quality and sustainable logistics real estate assets that deliver integrated solutions with world-class facilities for our stakeholders and investors. The E-Metro Logistics Park will benefit from the high demand for logistics and warehousing solutions in the Klang Valley, following global trade flows and supply chain development in addition to a shift in consumer preference for goods that are bespoke and custom-made for their needs.”
LOGOS Head of Malaysia David Aboud added: “We are excited to be commencing this strategic development for SDPLOG and our capital partners and are pleased to be partnering with local businesses in the delivery of the Park. We have recently awarded the first major construction contract to a local contractor and the design team for the next phase includes a prominent local architecture firm. This demonstrates the depth of globally competitive talent that exists in the Malaysian construction sector, which coupled with the local and regional expertise from the SDPLOG partnership, will see us deliver a state of the art logistics solution for the Malaysian market.”
Design and planning for the first two facilities at E-Metro Logistics Park, Metrohubs 1 and 2 with ~1.2 million sq ft and ~800,000 sq ft in GLA respectively are already underway with the first phase expected to be completed for identified tenants in June 2023. The E-Metro Logistics Park is easily accessible via major highways such as the New Klang Valley Expressway (“NKVE”), Federal Highway, New North Klang Straits Bypass (“SHAPADU”) and the recently opened West Coast Expressway (“WCE”). These expressways connect the logistics park to major hubs such as Port Klang and the Kuala Lumpur International Airports, and significantly to other Sime Darby Property industrial parks located in the City of Elmina, Serenia City and Hamilton Nilai City, among others.
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On 29 September 2021, Sime Darby Property Berhad (“Sime Darby Property”) and LOGOS SE Asia Pte. Ltd. (“LOGOS Property”) entered into a shareholders’ agreement to form a joint venture (“SDPLOG”) to establish a platform focusing on developing and investing in assets primarily in the Industrial & Logistics sector.
Sime Darby Property holds 51% equity of SDPLOG and is the first public-listed property developer in Malaysia to venture into the creation of development funds within the Industrial & Logistics sector. The remainder 49% equity of SDPLOG is held by LOGOS Property.
SDPLOG leverages on the synergies between both entities – Sime Darby Property’s presence and track record in the Malaysian property market together with its extensive and strategic landbanks, as well as LOGOS Property’s experience in fund management and developing property solutions in the logistics sector across the region. For more information, visit www.sdplog.com.
Disclaimer: This press release does not and shall not constitute an offer, invitation, promotion or solicitation to invest or subscribe for interests in the Fund in any jurisdiction.
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