Sime Darby Property and Logos SE Asia’s development venture with Malaysian sovereign investors has raised RMB1bn (€191m) in its final closing, attracting Great Eastern Life Malaysia and TA Islamic Private Investment Fund.
Great Eastern Life Assurance and TA Islamic Private Investment committed the capital to the Kumpulan Wang Persaraan and Permodalan Nasional Berhad-backed Shariah-compliant development fund, which will invest in logistics, e-commerce, and cold-chain sectors.
Sime Darby Property and Logo SE Asia formed the 51-49 joint venture in 2021 to develop and invest in assets primarily in the industrial and logistics sector.
Sime Darby Property’s group managing director, Azmir Merican, said there was clear demand on the Shariah-compliant investment products that the joint venture could offer, given Sime Darby Property’s strategic site offerings, Malaysia market expertise and synergy with its global fund management partnership with Logos.
Logos’s head of Malaysia, David Aboud added: “Underpinned by strong growth in the macro-economic trends across Malaysia and ASEAN, the joint venture has continued to see strong demand for investment-grade logistics and industrial assets.”
He said the development fund was well placed to meet this demand in Malaysia, with the joint venture partners’ 177-acre E-Metro Logistics Park, which had attracted a strong pipeline of inquiries from international and local logistics tenants.
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