SELANGOR / SINGAPORE / SYDNEY, 29 SEPTEMBER 2021 – Sime Darby Property Berhad (“Sime Darby Property”) today announced the signing of a Shareholders’ Agreement with LOGOS SE Asia Pte. Ltd. (“LOGOS Property”), a leading Asia Pacific logistics specialist with Assets Under Management (“AUM”) of over US$17 billion. The Shareholders’ Agreement governs the parties’ relationship as shareholders to a joint venture company named Industrial Joint Venture (Holdings) Pte. Ltd. (“JV Co”) which will establish a fund management platform to manage funds for the logistics sector, as well as to provide development services.
Sime Darby Property will hold 51% equity of the JV Co and become the first public-listed developer in Malaysia to venture into the creation of development funds within the Industrial & Logistics sector. The remainder 49% equity of the JV Co will be held by LOGOS Property. The JV Co will leverage 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 land bank, as well as LOGOS Property’s experience in fund management and developing property solutions in the logistics sector.
LOGOS Property is an Asia Pacific logistics specialist that manages all aspect of logistics real estate, including investment management, sourcing land or facilities and undertaking development and asset management, on behalf of some of the world’s leading global real estate investors. LOGOS Property is present in 10 countries across the Asia Pacific region and has a portfolio comprising over 8.9 million square meters of property owned and under development across 26 ventures.
The JV Co will focus on ‘build-to-suit to lease or sell’ assets, primarily for clients in the logistics sector. To this end, Sime Darby Property has allocated a 177-acre site within its Bandar Bukit Raja township in Klang, Selangor to spearhead this initiative. Bandar Bukit Raja was selected to leverage its strength as an established industrial township given its strategic connectivity to all the essential infrastructure in the Klang Valley (i.e., major expressways, ports, airports). LOGOS Property’s experience in providing sustainable, integrated logistics solutions with green building certification will be replicated at these facilities, with the implementation of the latest in warehouse/logistics automation and construction technology.