Sime Darby Property has acquired two modern double-storey logistics warehouses in Malaysia from its joint venture partners for a RM232m (€50m).
The assets were previously owned by Sime Darby Property MIT Development — a 50:50 joint venture between Sime Darby Property and a Japanese JV comprising MBK Real Estate Asia and a subsidiary of Mitsubishi Estate.
This acquisition consolidates Sime Darby Property’s ownership of the strategically located and high-quality assets, according to the company.
Azmir Merican, group managing director and chief executive officer of Sime Darby Property, said the acquisition aligned with the company’s strategy to become a diversified real estate company.
“By gaining full ownership of these modern logistics assets, we strengthen our industrial property portfolio, drive sustainable income growth, and solidify our position in the fast-growing industrial and logistics sectors, positioning the group to capture new growth opportunities and achieve greater financial stability in an evolving market landscape,” he said.
The warehouses, with a combined net lettable area of approximately 700,000sqft, are strategically located in the rapidly growing Bandar Bukit Raja industrial zone in Klang, offering convenient connectivity and proximity to major transportation routes and key business hubs.
The strategic location and modern infrastructure of these warehouses meet the growing demand for high-quality industrial spaces, driven by the expansion of e-commerce, increasing supply chain complexities, and businesses seeking facilities that support their operational efficiency.
Sime Darby Property is one of Malaysia’s largest and oldest property groups, specialising in creating master-planned communities.
However, it is transitioning from a development to a real estate company this year, as it builds out out a portfolio of income-generating assets.
Sime Darby Property is the first public-listed property developer in Malaysia to establish development funds in the industrial and logistics sector. The company was part of the Malaysian consortium that successfully regenerated the iconic Battersea Power Station in London.
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