Malaysian pension funds Employees Provident Fund and Lembaga Tabung Angkatan Tentera, alongside Great Eastern Life Assurance Malaysia, have backed Sime Darby Property’s newly launched MYR1.25bn (€260m) data centre fund as cornerstone investors.
Malaysia-listed Sime Darby Property will act as the general partner and sponsor to the New Economy Venture and has committed MYR500.1m as a co-investor at first close.
Structured as a Shariah-compliant closed-end discretionary investment platform, the five-year fund size is established to invest in build-to-suit-to-lease data centres, and industrial and logistics development projects within Sime Darby Property’s key townships in Malaysia.
The fund has secured two seed assets strategically positioned within Sime Darby Property’s flagship township, Elmina Business Park and City of Elmina. The seed assets represent approximately 85% of the target fund size and are supported by long-term lease arrangements, providing the fund with income visibility and stability, Sime Darby Property said.
Construction for both assets has commenced and is expected to be completed in the second half of 2027.
Azmir Merican, group managing director and CEO of Sime Darby Property, said: “As general partner and manager to the fund, it will enable Sime Darby Property to diversify its recurring income streams through investment yield and fee-based income from the development of new economy assets such as data centres and warehouses, which are much in demand in the Malaysian real estate market.”
Sime Darby Property said the New Economy Venture builds on the experience and track record established through its first Industrial Development Fund joint venture in 2022.
To read the latest IPE Real Assets magazine click here.
